Shares of Tata Communications are on a three-week winning streak, rising 42.3 percent.
Tata Communications is planning to raise Rs 500 crore Non-Convertible Debentures (NCDs) and another Rs 150 crore using the Green Shoe Option, the company informed the stock exchanges on April 13.
In a press release, the telecom arm of Tata Group said the proposal to raise funds will be discussed in the upcoming meet on April 15.
“A meeting of the Board of Directors of Tata Communications Limited is scheduled to be held on Wednesday via videoconferencing, to inter alia, consider and approve fundraising by way of private placement of Rated, Secured, Listed, Redeemable Non-Convertible Debentures (NCDs) for Rs 500 crore and Green Shoe Option of Rs 150 crore to be issued and allotted as may be decided by the Board of Directors or a committee,” the company said.
Last week, East Bridge Capital Master Fund and the University of Notre Dame acquired a stake in the telecom company via bulk deals.
East Bridge Capital Master Fund I Ltd and University of Notre Dame DU LAC picked up 44 lakh and over 15 lakh shares in Tata Communications respectively. Shares were purchased at a price of Rs 235 per share, with total deal value standing at Rs 138.69 crore.
In a separate transaction, on the same day, fund manager Fidelity offloaded more than 78 lakh shares worth over Rs 185 crore of Tata Communications Ltd via open market transactions.
Shares of Tata Communications are on a three-week winning streak, rising 42.3 percent, data shows.
Tata Communication’s shares closed 15.14 percent higher at Rs 331.20 per piece on BSE on April 13.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
