Japanese telecom firm NTT DoCoMo Inc today announced a Rs 949 crore open offer to the shareholders of Tata Teleservices (Maharashtra) (TTML), for up to 20 per cent equity at Rs 24.70 per share.
The open offer price represents a premium of 3.73 per cent over TTML's Wednesday's closing of Rs 17.99.
The scrip of TTML had surged as much as 18 per cent on the bourses in early trade. At 12.24 hrs shares of TTML were trading at Rs 20.70, up 15.06 per cent on the BSE.
The open offer would be made by DoCoMo along with Tata Sons and is scheduled to begin on January 8 and close on January 27, 2009, TTML said in a filing to the Bombay Stock Exchange.
The offer is for acquiring 38,42,41,919 shares or up to 20 per cent.
On Wednesday, Japan's biggest mobile-phone operator NTT DoCoMo Inc acquired a 26 per cent stake for $2.7 billion (Rs 13,070 crore) in Tata Teleservices.
The purchase of shares by DoCoMo is subject to obtaining the required approval from the Foreign Investment Promotion Board (FIPB) and the Reserve Bank of India, the filing added.
