Tata Communications trades in green as its arm inks pact to acquire 100% stake in Switch Enterprises

Tata Communications is currently trading at Rs. 1276.00, up by 6.30 points or 0.50% from its previous closing of Rs. 1269.70 on the BSE.

tata communications jumps on partnering with conecta
Tata Communications

The scrip opened at Rs. 1277.05 and has touched a high and low of Rs. 1292.50 and Rs. 1259.05 respectively. So far 7060 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1590.00 on 17-Jan-2022 and a 52 week low of Rs. 856.00 on 15-Jun-2022.
Last one week high and low of the scrip stood at Rs. 1322.60 and Rs. 1259.05 respectively. The current market cap of the company is Rs. 36334.65 crore.

The promoters holding in the company stood at 58.86%, while Institutions and Non-Institutions held 30.91% and 10.22% respectively.

Tata Communications’ wholly-owned indirect subsidiary — Tata Communications (Netherlands) B.V. has entered into a Membership Investment Purchase Agreement to acquire 100% equity stake in Switch Enterprises, LLC, (a target company in the United States of America). With this transaction, Tata Communications will gain a strong foothold into the Americas media and entertainment market, extend its portfolio into live video production and become uniquely positioned as an end-to-end media ecosystem player in the entire content development value chain globally.

Under the terms of the agreement, Tata Communications has agreed to acquire 100% equity stake in The Switch Enterprises, LLC and certain of its international assets for a value of around $58.8 million (Rs 486.3 crore) in a cash. The closing of the transaction is dependent upon regulatory approvals. With both companies coming together, Tata Communications will support The Switch customers with global reach to over 190 countries and territories and The Switch will bring state of the art live production capabilities helping organisations to produce high quality, more immersive content faster and more efficiently.

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