Tata’s Open Offer to Acquire 26 Per cent Stake in Tejas Networks

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Tejas Networks, in July 2021, had announced that it has executed definitive agreements with Panatone Finvest Limited (Panatone), a subsidiary of Tata Sons Private Limited (TATA)

Tata Group, with its subsidiaries, has made an open offer to acquire upto 26 per cent stake in domestic telecom gear firm Tejas Networks. The offer involves an amount of 1,038 crore.

The Group’s offer also included buying approximately 10 million equity shares of Tejas Networks are around Rs 258 per equity share. Tata Sons and its subsidiaries Panatone Finvest and Akashastha Technologies, are said to be involved in the offer

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Tejas Networks, in July 2021, had announced that it has executed definitive agreements with Panatone Finvest Limited (Panatone), a subsidiary of Tata Sons Private Limited (TATA). The agreements entail preferential allotment of 1.94 crore equity shares at a price per equity share of Rs 258 per share aggregating to RS 500 crore.

“We are privileged to be part of the Tata group, which has a rich legacy as India’s most visible and trusted business brand. 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. I am fully committed to making this a success and am excited about the next phase of our journey,” Sanjay Nayak, CEO and Managing Director at Tejas Networks had stated.

“We are excited to partner with Tejas Networks, India’s leading telecom and network company with a strong DNA of R&D. We look forward to working with the highly experienced management team of Tejas Networks and creating a full stack of globally competitive wireline and wireless products,” Saurabh Agrawal, Executive Director of Tata Sons Private Limited had said.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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