NTT DoCoMo defers open offer for Tata Teleservices
26 Dec 2008
NTT DoCoMo has deferred an open offer for a 20-per cent stake in Tata Teleservices (Maharashtra), following delay in approval from market regulator Securities and Exchange Board of India (SEBI).
The Japanese telecom major said it will announce new dates for TTML open offer after it gets a formal approval from SEBI. The TTML open offer was to start on 8 January and close on 27 January 2009.
In an announcement to the shareholders of TTML, DoCoMo said the Rs949 crore open offer for a 20 per cent stake in the firm has been postponed, "till further notice in this regard is published by the manager to the offer".
"The revised schedule" of the offer will be announced after SEBI gives its "observations in terms of the regulations", TTML said in a filing with the National Stock Exchange.
NTT DoCoMo Inc, which last month acquired a 26 per cent stake in Tata Teleservices for $2.7 billion (Rs13,070 crore), was to acquire another 20 per cent, or 38,42,41,919 shares, at Rs24.70 apiece.
Shares of TTML were trading at Rs20.35, down 1.45 per cent, on the NSE. The stock closed down Rs0.25, or 1.21 per cent, at Rs20.45 on the Bombay Stock Exchange. The total volume of shares traded on the BSE was 3,348,891.
The open offer is being managed by Lazard India, Tata Teleservices said in its filing.