New Delhi: Shares of Tata Teleservices Maharashtra Ltd today soared further by 20 per cent after its promoter Tata Sons agreed to pay Japanese telecom firm NTT Docomo USD 1.18 billion to settle their two-year old dispute.
The scrip zoomed 19.95 per cent to settle at Rs 9.62 its highest trading permissible limit for the day on BSE. At NSE, shares of the company jumped 20 per cent to close at Rs 9.60.
While Tata Sons and group companies held 63.14 per cent in TTML, Docomo had 11.76 per cent stake in it at the end of December last year. On the volume front, 108.34 lakh shares of the company were traded on BSE and over 5 crore shares changed hands at NSE during the day.
The stock had gained 20 per cent in the previous session also. The holding company of the USD 103 billion salt-to-software group firms, reached an out-of-court agreement with
Japan's largest mobile phone firm to enforce a June 2016 award of a London arbitral tribunal.
NTT Docomo, in November 2008, acquired 26.5 per cent stake in Tata Teleservices for about Rs 12,740 crore (at Rs 117 per share), offering services under the Tata Docomo brand. DoCoMo in April 2014 decided to exit the joint venture that struggled to grow subscribers quickly.
