In an intriguing stake deal, Tata Sons arm Panatone Finvest on Monday declared to get a 8% stake in homegrown telecom hardware creator Tejas Networks for over Rs 193 crore through an open market exchange. As indicated by the square arrangement information accessible with NSE, Panatone bought 75 lakh shares, adding up to a 8% stake, of Tejas Networks. The offers were purchased at a normal cost of Rs 258, collecting the exchange size to Rs 193.5 crore.
The offers were offloaded by Samena Spectrum Co, which held somewhat more than 10% stake in the telecom gear creator as of June 2021. Following the exchange, Tejas Networks had hit a 5% upper circuit to contact a record high of Rs 269.35 each on NSE. On July 31, Panatone Finvest reported that it has bought 16.8 percent value portions of Tejas Networks for around Rs 404 crore. Tejas Networks on July 28 had said an arm of Tata Sons will gain a controlling stake in it for almost Rs 1,890 crore in a multi-step bargain.
Panatone alongside Akashastha Technologies and Tata Sons Private Limited had made a public declaration of a proposal to the Tejas Networks investors on July 29. Under the understanding, Tejas Networks will make a particular assignment of 1.94 crore value shares for Rs 258 for each offer, totaling to Rs 500 crore to Panatone. There will likewise be another special assignment of 3.68 crore warrants, each conveying an option to buy in to one value share at an activity cost of Rs 258 for every value share amassing to Rs 950 crore.
The declaration on July 29 had referenced a special assignment of 1.55 crore warrants, each conveying an option to buy in to one value share at an activity cost of Rs 258 for every value share accumulating to Rs 400 crore. Under the arrangement, Panatone will likewise get up to 13 lakh value portions of the Tejas Networks from certain work force in administration, at a cost not surpassing Rs 258 for each value share amassing to Rs 34 crore, subject to such agreements as commonly concurred between the gatherings.