Liquid Telecom, a privately owned, pan-African telecoms group, majority owned by Econet Wireless Global, announces that it has entered into an agreement to acquire South African communications network operator Neotel.
Tata Communications Ltd stock was higher by 7% at Rs.482.Liquid Telecom, a privately owned, pan-African telecoms group, majority owned by Econet Wireless Global, announces that it has entered into an agreement to acquire South African communications network operator Neotel.
The shareholders of Neotel – Tata Communications of India and minority shareholders led by Nexus Connexion – have agreed for Liquid Telecom to acquire Neotel for ZAR6.55 billion. Liquid Telecom is partnering with Royal Bafokeng Holdings (RBH), a South African empowerment investment group, which has committed to take a 30% equity stake in Neotel.
The scrip opened at Rs. 478 and has touched a high and low of Rs. 486 and Rs. 475 respectively. So far 130560(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 12813.6 crore.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 490.3 on 24-Jul-2015 and a 52 week low of Rs. 325.7 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 462.9 and Rs. 426.7 respectively.
The promoters holding in the company stood at 74.99 % while Institutions and Non-Institutions held 18.01 % and 6.99 % respectively.
The stock is currently trading above its 50 DMA.
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