Tejas Networks announces a strategic investment from Panatone Finvest Limited, a subsidiary of Tata Sons Private Limited

Tejas Networks Limited

2021/7/30 15:23

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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