NTT DoCoMo to launch open offer for TTML on 19 February

11 February 2009

Japanese telecom major NTT DoCoMo and Tata Sons will now launch their joint open offer for 20 per cent in Tata Teleservices Maharashtra (TTML) on 19 February.

The offer price has been fixed at Rs24.70 a share.

The open offer to Tata Tele shareholders, slated for 8 January, had to be deferred as DoCoMo was awaiting approval from the Securities and Exchange Boars of India (SEBI).

The open offer would close on 12 March, TTML said in a filing to the Bombay Stock Exchange.

NTT DoCoMo had acquired a 26-per cent stake in Tata Teleservices Ltd for $2.7 billion (Rs13,070 crore) in November last year.

At that time, NTT DoCoMo had said it would launch an open offer for a 20 per cent stake (38,42,41,919 shares) in TTML, after it acquired a 26 per cent in Tata Teleservices (TTSL) for $2.7 billion (Rs13,070 crore).