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 Thursday. 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.
This article was first published on livemint.com