Japanese telecom major NTT DoCoMo and Tata Sons will now launch their joint open offer for 20 per cent in Tata Teleservices Maharashtra (TTML) on 19 February.

The offer price has been fixed at Rs24.70 a share.

The open offer to Tata Tele shareholders, slated for 8 January, had to be deferred as DoCoMo was awaiting approval from the Securities and Exchange Boars of India (SEBI).

The open offer would close on 12 March, TTML said in a filing to the Bombay Stock Exchange.

NTT DoCoMo had acquired a 26-per cent stake in Tata Teleservices Ltd for $2.7 billion (Rs13,070 crore) in November last year.

At that time, NTT DoCoMo had said it would launch an open offer for a 20 per cent stake (38,42,41,919 shares) in TTML, after it acquired a 26 per cent in Tata Teleservices (TTSL) for $2.7 billion (Rs13,070 crore).

However, in December, DoCoMo deferred the offer following a delay in approval from SEBI, which is believed to have said that since both the companies are operating in India and are engaged in the same vertical, the valuation for indirect acquisition should also be the same as direct acquisition.

Under SEBI acquisition rules., it is mandatory for the Japanese company to make an offer for an additional 20 per cent in any Indian listed company after it acquires a substantial stake in the target company.

The offer is for a 20-per cent stake or an additional 38,42,41,919 shares, if  fully subscribed, will cost the Japanese company around Rs940 crore.

Lazard India Pvt Ltd (manager to the offer) issued a public announcement on behalf of NTT DoCoMo (acquirer) and Tata Sons Ltd (persons acting in concert).

Shares of Tata Teleservices Maharashtra were  trading at Rs 23, up 0.22 per cent in the afternoon trade on the Bombay Stock Exchange (BSE).

TTSL, based in Mumbai, is a telecommunications business unit of the diversified Tata Group. The company covers nearly all of India with high-quality wireless networks and a large number of retail stores and customer-service outlets. TTSL has sharply increased its share of the fast-growing Indian mobile market, and it is rapidly expanding its subscriber base, which currently exceeds 30 million (including TTML subscribers).

Tokyo-based DOCOMO, a leading mobile operator, has played a major role in the evolution of mobile telecommunications through its development of cutting-edge mobile technologies and services. The company has about 50 per cent share in Japan's mobile phone market. It is listed on the Tokyo, London and New York stock exchanges.