Tata Sons has offered to buy Japanese telecom player NTT Docomo's stake in Tata Teleservices Limited for Rs 23.34 a share or at around Rs 11,000 crore, reports Business Standard. The report added that the offer was made on the basis of a fair market value determined on June 30, 2014. Earlier in March, the Reserve Bank of India (RBI) had rejected Tata Sons' offer n to buy back Docomo’s shares at the pre-agreed valuation of Rs 58 a share (~Rs 27,000 crore for the stake). In January, NTT Docomo had requested the London Court of International Arbitration to ensure that Tata Sons finds a suitable buyer for Docomo’s 26.5% stake in Tata Teleservices Limited (TTSL). The company said that it filed this arbitration request after Tata Sons failed to fulfil its obligation despite its repeated negotiations on the sale of its entire stake. In November 2008, Docomo had invested $2.2 billion in Tata Teleservices with an understanding that it would get at least 50 per cent of its acquisition price if it exits the Indian company in five years. However, the company's metrics continued to falter and it reported net losses of ¥85,026 million (Rs 4,887 crore) for the year ended March 31, 2014 (FY14), an increase from ¥72,301 million loss (Rs 4,155 crore) in the previous year FY13. It’s worth noting that TTSL is an unlisted company unlike its sister company Tata Teleservices Maharashtra Limited (TTML) which is listed on BSE. While TTML is operational only in Goa, Maharashtra and Mumbai circles, it, along with TTSL, provides mobile services under the Tata DOCOMO brand in the country. TTML reported losses…
