OPEN APP
Home >Companies >News >Tata Sons arm Panatone Finvest to acquire controlling stake in Tejas Network

Panatone Finvest Limited, a subsidiary of Tata Sons Private Limited, will acquire a controlling stake in Tejas Networks, the company said in a regulatory filing on Thursda. The domestic telecom gear maker said that it sees a very large opportunity in the telecom sector both in India and global markets with the new cycle of investments in 5G and fiber-based broadband rollouts.

In a communication to the BSE, Tejas Networks said,"Panatone and other certain companies of the Tata group would make a public announcement to acquire up to 4.03 crore equity shares of Tejas Networks representing 26.00% of the emerging voting capital in accordance with SEBI Takeover Regulations. "

Tejas Networks hit the upper circuit after it rose 4.99% to 246 after the announcement on the Bombay Stock Exchange.

More details awaited

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout