Tejas Networks share hit upper circuit of 5% today after the firm said Panatone Finvest Limited, a subsidiary of Tata Sons Private Limited will acquire a controlling stake in the domestic telecom gear maker.
Tejas Networks stock hit a fresh 52 week high of Rs 246, rising 4.99% against previous close of Rs 234.30 in early trade.
The share has gained 33.77% in the last 6 days. The stock opened with a gain of 4.99% on BSE today.
Tejas Networks share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In one year, the share has gained 311.725 and risen 79% since the beginning of this year.
In a month, the stock has gained 43.44%. Total 0.19 lakh shares changed hands amounting to turnover of Rs 46.27 lakh on BSE.
Market cap of the firm rose to Rs 2,302 crore on BSE.
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. "
Kotak Mahindra Capital Company Limited is acting as the manager to the open offer and Khaitan & Co is acting as the legal advisor to the transaction.
Sanjay Nayak, CEO and Managing Director at Tejas Networks said, "Tejas Networks was started with a vision of creating a top-tier global telecom equipment company from India. The association with Tata group will accelerate the realisation of this vision and enable us to address the large market opportunity available to us to build a financially strong global company, backed by a trusted brand."
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today