Tata Group makes open offer to buy 26% in Tejas Network for ₹1,038 crore

The offer is part of the Tata group’s bid to acquire a controlling stake in Tejas Network.

As part of the open offer, Tata Sons and its subsidiaries Pantone Finvest, Akashast Technologies have made a cash offer for acquisition of approximately one crore fully paid-up equity shares of Tejas Network. ₹258 each.

“This open offer is being made by the acquirers and the PAC to all eligible shareholders of the target company (Tejas Networks) to acquire 4,02,55,631 equity shares, which is 26 per cent of the extended voting share capital. Value of ₹258 inclusive of the total return per offer share ₹10,38,59,52,798,” the letter of open offer said.

Tejas Networks had said on July 29 that a unit of Tata Sons would acquire a controlling stake in it. ₹1,890 crore in the multi-step deal and the company has signed definitive agreements with Pantone Finvest.

“The main objective of the acquirers and PACs is to acquire control of the target company as well as substantial holding of equity shares and voting rights. In addition, the acquirers and PACs see a huge opportunity in the telecom sector in both India and international markets. They plan to work with the target company’s experienced team to take advantage of the growth opportunity from the new cycle of investment in newly developed telecommunications technologies and fiber-based broadband rollouts,” the letter said.

Shares of Tejas Networks closed up almost 5% on Friday ₹517.50 on NSE.