The equity shares represented an 8% stake in Tejas Networks. This led to Panatone's total shareholding in Tejas Networks rise to 24.8% from the previous 16.8%.
The shares were acquired at a discount of Rs258 per equity share on August 02, 2021.
On Sensex, currently, Tejas Networks closed at a new 52-week high of Rs284.75 per piece up by 5%. The stock price level is also the upper circuit.
Last month, Tejas Networks executed definitive agreements with Panatone Finvest Limited (“Panatone”), a subsidiary of Tata Sons Private Limited (“TATA”). Under the agreement, Tata Sons-led arm will acquire a controlling stake in the company.