Tata Teleservices (Maharastra), a unit of Tata Teleservices, spurted 8.25% to Rs 18.10, on reports NTT DoCoMo Inc, Japan's biggest mobile phone carrier, is set to announce a plan to buy a stake in TTML's parent firm Tata Teleservices today (12 November 2008).
As expected the deal was announced after trading hours. NTT DoCoMo Inc, acquired a 26% stake for $2.7 billion (Rs 13,070 crore) in Tata Teleservices, to expand into the world's fastest-growing major wireless market, valuing the company at $10.4 billion. Seperately, DoCoMo also expects to make an open offer to acquire up to 20% of TTML through a joint offer with Tata Sons.
TTML has an equity capital of Rs 1897.19 crore. Face value per share is Rs 10.
TTML reported a net loss of Rs 47.35 crore in Q2 September 2008 as against a net loss of Rs 49.31 crore in Q2 September 2007. Sales rose 16.4% to Rs 487.14 crore in Q2 September 2008 over Q2 September 2007.
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