The Hindu Business Line : Avaya to make open offer for Tata Tele stake at Rs 220 per share

THE Avaya group's open offer for 20 per cent of the voting share capital of Tata Telecom Ltd (TTL) will open on May 13 this year and will be priced at Rs 220 per share, the same price at which the group is acquiring the Tata group's stake of 25.1 per cent in TTL.

The share purchase agreement between Avaya Inc and the Tata group companies for the initial transfer of 25.1 per cent stake was signed three days back.

The Avaya group companies will make a public offer to acquire up to 28,46,647 shares.

DSP Merrill Lynch, merchant banker to the offer, told the stock exchanges on Monday that Avaya Mauritius, Avaya Inc and Avaya International would be making the open offer.

The offer is not conditional on any minimum level of acceptance by the shareholders, it added.

The specified date is April 30, 2004. The offer will close on June 11.

More Stories on : Open Offers | Mergers & Acquisitions | Telecommunications

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