Tata Sons’ arm Panatone Finvest acquires 8% stake in Tejas Networks

Tata Sons arm Panatone Finvest on Monday picked up an 8 per cent stake in domestic telecom equipment maker Tejas Networks for over Rs 193 crore through an open market transaction.

According to the block deal data available with NSE, Panatone purchased 75 lakh shares, amounting to an 8 per cent stake, of Tejas Networks.

The shares were bought at an average price of Rs 258, aggregating the transaction size to Rs 193.5 crore.

The shares were offloaded by Samena Spectrum Co, which held a little over 10 per cent stake in the telecom equipment maker as of June 2021.

Following the transaction, Tejas Networks had hit a 5 per cent upper circuit to touch a record high of Rs 269.35 apiece on NSE.