Shares of Tata Communications jumped back in the green on Tuesday after the Tata Group company announced acquiring remaining shares in one of its international subsidiaries.
What Happened: In a regulatory filing, the company said that its subsidiary Tata Communications
International Pte Ltd. (‘TCIPL'), has entered into a Share Purchase Agreement (‘Agreement') to acquire remaining equity ownership of Oasis Smart Sim Europe SAS (‘OSSE France').
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The company currently owns a 58.1% stake in the company. The acquisition of the rest 41.9% stake would cost the company around $12 million (₹99.3 crore). Oasis develops and provides advanced technologies and personalised services to enable the deployment of eSIM and SIM technologies.
As per the filing, the company booked revenue of €12.2 Mn (₹109.8 Crores) for the year ended March 31, 2023. Tata Comm plans to complete the deal within one month.
Price Action: Tata Communications’ share price jumped 2.45% to trade at ₹1569.85 as the markets opened on Tuesday.
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