NTT DoCoMo awaiting SEBI nod for Tata Tele open offer
05 January 2009
Japan's NTT DoCoMo is awaiting a nod from stock market regulator Securities and Exchange Board of India for making an open offer for Tata Teleservices Maharashtra Ltd, the managing director of Tata Teleservices, said.
NTT DoCoMo, which bought a 26 per cent stake in unlisted Tata Telecom last month, is to make an open offer for a 20 per cent stake in the listed company Tata Telecom (Maharashtra) Ltd, but needs SEBI's approval for their open offer.
"They are waiting for it," Tata Teleservices managing director Anil Sardana said.
The SEBI has said the joint holding of Tata Sons and NTT DoCoMo shouldn't cross 55 per cent in Tata Teleservices Maharashtra, he said.
NTT DoCoMo in November 2008 agreed to buy a 26 per cent stake in unlisted Tata Teleservices for about $2.7 billion.
It also agreed to make a joint open offer with Tata Sons for shares in the Tata Teleservices unit, Tata Teleservices (Maharashtra) Ltd. The offer, at Rs24.70 a share, was to open 8 January and close 27 January.
Sardana said investors Temasek and C. Sivasankaran planned to keep their stakes in Tata Teleservices.
Tata Group firms own about 80 per cent of Tata Teleservices, while Temasek owns about 9 per cent and Sivasankaran holds 8 per cent.