GTL Infrastructure has rallied 5% to Rs 16.45 on reports that Viom Networks, a joint venture between Srei and Tata Teleservices, are in preliminary discussions with bankers exploring a strategic merger with the company.
Viom is 53% controlled by the Tatas. Kolkata-based Kanorias, founders of Srei, hold about 27% while foreign institutional investors own 20%. The promoters own 58.3% in GTL Infrastructure, the Business Standard reported.
The stock opened at Rs 16 and hit a high of Rs 16.60 on the NSE. A combined 2.61 million shares have changed hands on the counter on opening deals.
