Tata Sons arm Panatone Finvest acquires 8 per cent stake in Tejas Networks

Tata Sons arm Panatone Finvest has picked up an 8 per cent stake in Tejas Networks for over Rs 1,930 million through an open market transaction.

As per the deal, Panatone purchased 7.5 million shares, amounting to an 8 per cent stake of Tejas Networks. The shares were bought at an average price of Rs 258, aggregating the transaction size to Rs 1,935 million. The shares were offloaded by Samena Spectrum Co, which held a little over 10 per cent stake in the telecom equipment maker as of June 2021.

Earlier, on July 31, 2021, Panatone Finvest had announced that it has purchased 16.8 per cent equity shares of Tejas Networks for around Rs 4,040 millon.