Mumbai: Tata Teleservices (Maharashtra) shares Monday surged 20 percent amid reports that the Tata Group has offered to buy out Japanese telecom major NTT Docomo's 26.5 percent stake in unlisted Tata Teleservices for Rs 23.34 a share.
Following the buzz, shares of Tata Tele (Maharashtra) jumped 20 percent to Rs 8.46, its highest trading permissible limit for the day on BSE.
At the NSE, shares of Tata Tele soared 19.86 percent to touch its upper circuit limit of Rs 8.45.
On the volume front, 49.68 lakh shares of the company changed hands at BSE and over one crore shares were traded at the NSE during the day.
Market experts said that the stock rose sharply on hopes of less cash outgo.
As per media reports, the latest offer of Rs 23.34 a share is 60 percent lower than the previous offer of Rs 58.
Tata Teleservices (Maharashtra) in a clarification to BSE today said: "The news item pertains to equity shares of Tata Teleservices Limited held by NTT Docomo and not of our company, Tata Teleservices (Maharashtra) Limited and we are not in possession of any unpublished price sensitive information that is required to be intimated to the exchanges."
Tata Teleservices Ltd holds 36.54 percent stake in Tata Teleservices (Maharashtra), while NTT Docomo Inc has 11.76 percent stake, as per the June quarter shareholding pattern.