Tejas Networks locks at a new 52-week high after Tata Son's Panatone increases stake to 24.8%

The shares were acquired at a discount of Rs258 per equity share on August 02, 2021.

Aug 03, 2021 03:08 IST India Infoline News Service

Tejas Networks froze on a new 522-week high on Tuesday after Tata Sons-led Panatone Finvest acquired 75,00,000 equity shares of the company.

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.

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