Tejas Networks announces a strategic investment from Panatone Finvest Limited, a subsidiary of Tata Sons Private Limited
PR90924
Tejas Networks announces a strategic investment from Panatone Finvest Limited, a subsidiary of Tata Sons Private Limited, for a controlling stake in the company
BENGALURU, India, July 29, 2021 /PRNewswire=KYODO JBN/ --
- Panatone Finvest Limited to make an open offer to acquire up to 26.0% stake
in accordance with SEBI Takeover Regulations
Tejas Networks (BSE: 540595) (NSE: TEJASNET) today announced that it has
executed definitive agreements with Panatone Finvest Limited ("Panatone"), a
subsidiary of Tata Sons Private Limited ("TATA"), which will entail:
a) Preferential allotment of 1.94 crore equity shares at a price per
equity share of INR 258 per share aggregating to INR 500 crore;
b) Preferential allotment of 3.68 crore warrants, each carrying a right to
subscribe to 1 (one) equity share at an exercise price of INR 258 per equity
share aggregating to INR 950 crore, which may be exercised by Panatone in one
or more tranches during the period commencing from the date of allotment of the
warrants until expiry of 11 (eleven) months from the date of allotment of the
warrants;
c) Preferential allotment of 1.55 crore warrants, each carrying a right to
subscribe to 1 (one) equity share at an exercise price of INR 258 per equity
share aggregating to INR 400 crore, which may be exercised by Panatone in one
or more tranches during the period commencing from the expiry of 12 (twelve)
months from the date of allotment of the warrants until expiry of 18 (eighteen)
months from the date of allotment of the warrants;
d) Acquisition of up to 13 lakh equity shares of the Tejas Networks from
certain personnel in management, at a price not exceeding INR 258 per equity
share aggregating to INR 34 crore, subject to such terms and conditions as
mutually agreed between the parties;
Panatone and other certain companies of the Tata group would make a Public
Announcement to acquire up to 4.03 crore equity shares of Tejas Networks
representing 26.00% of the emerging voting capital in accordance with SEBI
Takeover Regulations.
Speaking on this transaction, Mr. Saurabh Agrawal, Executive Director of
Tata Sons Private Limited, said, "We are excited to partner with Tejas
Networks, India's leading telecom and network company with a strong DNA of R&D.
We look forward to working with the highly experienced management team of Tejas
Networks and creating a full stack of globally competitive wireline and
wireless products."
Mr. V Balakrishnan, Chairman of Tejas Networks, said, "We are delighted
about our association with the Tata group, which has a long history of building
highly successful global businesses of scale. This association provides us the
necessary financial resources, global relationships and strong ecosystem to
innovate and scale our business."
Mr. Sanjay Nayak, CEO and Managing Director at Tejas Networks, said, "We
are privileged to be part of the Tata group, which has a rich legacy as India's
most visible and trusted business brand. Tejas Networks was started with a
vision of creating a top-tier global telecom equipment company from India. The
association with Tata group will accelerate the realisation of this vision and
enable us to address the large market opportunity available to us to build a
financially strong global company, backed by a trusted brand. I am fully
committed to making this a success and am excited about the next phase of our
journey."
Sanjay Nayak shall continue as Managing Director and Chief Executive
Officer to lead Tejas Networks along with the existing management team through
the next phase of growth.
The preferential allotment of the equity shares and warrants has been
approved by the Board of Directors of Tejas Networks and the transactions are
subject to shareholders' approval and other customary closing conditions and
approvals.
Kotak Mahindra Capital Company Limited is acting as the manager to the open
offer and Khaitan & Co is acting as the legal advisor to the transaction.
Key Contacts:
For more information, visit Tejas Networks at http://www.tejasnetworks.com
or contact Investor Relations: ir@india.tejasnetworks.com
Mr. Santosh Kesavan
skeshavan@india.tejasnetworks.com
Phone: +91 80 41794600
Panatone:
Harsha Ramachandra,
harsha.r@tata.com
Logo: https://mma.prnewswire.com/media/826177/Tejas_Networks_Logo.jpg
Source: Tejas Networks Limited
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