Tata Teleservices (Maharashtra) today soared nearly 7 per cent on the Bombay Stock Exchange amid media report that the Japanese NTT DoCoMo is likely to invest an additional $1 billion in another group company Tata Teleservices.
Shares of Tata Teleservices (Maharashtra) shot-up 6.60 per cent to touch a month-high of Rs 25 in early trade on the Bombay Stock Exchange.
Similarly, the scrip was trading at Rs 24.25, up 3.41 per cent on the National Stock Exchange. On the volume front, a total of over 50 lakh shares of the company changed hands on the two bourses.
Japan's NTT DoCoMo is likely to invest an additional $1 billion in Tata Teleservices (TTSL), in a transaction that is set to close in a few months, the media report said.
While both the companies are still in negotiations, NTT DoCoMo is expected to get 10-15 per cent more in TTSL, it said.
Tatas offer both CDMA and GSM based mobile services in the country. Tata Teleservices in 2008 had sold 26 per cent stake to NTT Docomo to start GSM-based services.
The deal is likely to be finalised before the end of the year and will see DoCoMo's stake rising to 35-40 per cent, the report said.