Japan's top operator of mobile phone services plans to exercise stake sale right before June. NTT Docomo has the option to sell the entire stake to the Tatas for Rs 7,250 crore or the fair market price.
Japan's NTT DoCoMo Inc will sell 26.5 percent stake in Indian mobile phone joint venture Tata Teleservices Ltd through the equity method. Post this deal, the Japanese company will be exiting the telecom space in India completely.
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Japan's top operator of mobile phone services plans to exercise stake sale right before June. NTT Docomo has the option to sell stake to the Tatas for Rs 7,250 crore or the fair market price. However, it is unclear whether the Tata Group will buy out NTT Docomo's stake. Sources say Vodafone is likely to buy out the entire NTT Docomo stake in TTSL.
NTT Docomo had paid USD 2.6 billion for the stake between 2009 and 2011, and Docomo is likely to book losses to the tune USD 500-780 million due to the writedown that has taken place.
Tatas need to meet performance target by March 31, 2014. NTT Docomo holds 11.76 percent stake in Tata Teleservices (Maharashta).
CNBC-TV18 was the first to report about NTT Docomo's plans to exit the company in September 2013.
Reacting to the news, Kunal Bajaj a telecom expert says the news is already factored in the TTSL stock. He believes the big question now would be how such a transaction would be structured – whether as per Sebi regulation this would force an open offer.
He believes now that Vodafone is a totally independent entity and not dependent on partners, there is a possibility that it might buy NTT Docomo's stake in Tata Teleservices.
TataTeleservice stock price
On April 25, 2014, at 14:10 hrs Tata Teleservices (Maharashtra) was quoting at Rs 9.06, up Rs 1.01, or 12.55 percent. The 52-week high of the share was Rs 9.31 and the 52-week low was Rs 4.38.
The latest book value of the company is Rs -8.88 per share. At current value, the price-to-book value of the company was -1.02.
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