Sujana Towers acquires majority stake in Mauritius company
Hyderabad-based Sujana Towers today said it has acquired 51 per cent stake in Mauritius-based telecom infrastructure company Telesuprecon Ltd for an undisclosed sum.
MUMBAI: Hyderabad-based Sujana Towers today said it has acquired 51 per cent stake in Mauritius-based telecom infrastructure company Telesuprecon Ltd for an undisclosed sum. "The acquisition of 51 per cent shareholding was by way of subscription to new equity shares issued by Telespurecon. There is no money being paid to existing promoters," Sujana Groups Director HS Rao told reporters.
The company, Telesuprecon, has branches in various east and central African countries and is in advanced stages of negotiations for securing telecom infrastructure contracts aggregating to 40 million dollars, to be executed over the next 12-21 months. The share price of the company reacted positively to this announcement, which surged as much as 17 per cent over its previous close and touched an intra-day high of Rs 110.90. The scrip was last quoted at Rs 104.40, up 10.48 per cent on the BSE in afternoon trade.
The company, Telesuprecon, has branches in various east and central African countries and is in advanced stages of negotiations for securing telecom infrastructure contracts aggregating to 40 million dollars, to be executed over the next 12-21 months. The share price of the company reacted positively to this announcement, which surged as much as 17 per cent over its previous close and touched an intra-day high of Rs 110.90. The scrip was last quoted at Rs 104.40, up 10.48 per cent on the BSE in afternoon trade.
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