Tata Communications update on Neotel and Vodacom Transaction

Tata Communications Ltd had announced that Neotel and Vodacom have concluded a modified transaction in terms of which Vodacom will acquire the majority of Neotel's assets related to its fixed line business as a going concern, excluding, Neotel's licenses (spectrum, ECN, ECNS). As part of this agreement, Neotel will offer a roaming arrangement to all the mobile network operators, including Vodacom.

The Transaction documentation relating to the restructured transaction was submitted to the Competition Tribunal ("Tribunal") and at the Tribunal pre-hearing held today it was agreed that, following the outcome of the Roaming Offer, Vodacom South Africa and Neotel will re-notify the details of the restructured transaction with the Competition Commission and that the matter will be dealt with expeditiously.

Shares of TATA COMMUNICATIONS LTD. was last trading in BSE at Rs.399.55 as compared to the previous close of Rs. 405.4. The total number of shares traded during the day was 67382 in over 1415 trades.

The stock hit an intraday high of Rs. 408.95 and intraday low of 396. The net turnover during the day was Rs. 27119925.

Source : Equity Bulls

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