NTT DoCoMo buys 26% in Tata Tele

NTT DoCoMo, Tata Teleservices Ltd (TTSL) and Tata Sons Ltd. announced their agreement on a strategic alliance in India, under which DoCoMo will acquire 26% of TTSL's common shares for around Rs130.7bn. In addition, DoCoMo, in accordance with Indian capital market regulations announced an open offer to acquire up to 20% of the outstanding common shares of Tata Teleservices (Maharashtra) Ltd. (TTML), a TTSL company, through a joint tender offer with Tata Sons. The offer was made at Rs24.70 per share as against Wednesday's closing price of around Rs17.99. TTSL's subscriber base currently exceeds 30mn (including TTML subscribers). TTML shares rose by 26% on the week to end at Rs20.19.