Tejas Networks stock hits 52-week high as Tata Sons arm buys controlling stake in telecom gear maker

Tejas Networks share hit upper circuit of 5% today after the firm said Panatone Finvest Limited, a subsidiary of Tata Sons Private Limited will acquire a controlling stake in the domestic telecom gear maker.  

Tejas Networks stock hit a fresh 52 week high of Rs 246, rising 4.99% against previous close of Rs 234.30 in early trade.

The share has gained 33.77% in the last 6 days. The stock opened with a gain of 4.99% on BSE today.

Tejas Networks share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In one year, the share has gained 311.725 and risen 79% since the beginning of this year.

 In a month, the stock has gained 43.44%. Total 0.19 lakh shares changed hands amounting to turnover of Rs 46.27 lakh on BSE.

 Market cap of the firm rose to Rs 2,302 crore on BSE.

In a communication to the BSE, Tejas  Networks  said,"Panatone and other certain companies of the Tata group would make a public announcement  to  acquire  up  to  4.03  crore  equity  shares  of  Tejas  Networks  representing  26.00% of the emerging voting capital in accordance with SEBI Takeover Regulations. "

Kotak  Mahindra  Capital  Company  Limited  is  acting  as  the  manager  to  the  open  offer  and Khaitan & Co is acting as the legal advisor to the transaction.

Sanjay  Nayak,  CEO  and  Managing  Director  at  Tejas  Networks  said, "Tejas  Networks  was  started  with  a  vision  of  creating  a  top-tier  global telecom equipment company from India. The association with Tata group will accelerate the realisation of this vision and enable us to address the large market opportunity available to  us  to  build  a  financially  strong  global  company,  backed  by  a  trusted  brand."