Tata Tele Maha ringing loud

Tata Teleservices (Maharashtra) is buzzing loud today morning. The stock is up currently almost 4% at rs.6.47, its intra day high point. Its 52-week high stands at Rs.13.15. The market cap stands at Rs.1255 crore.

The stock is up in the green after SEBI revoked the curbs it had imposed on the company, its directors and promoters, for non-compliance with minimum public shareholding norms. This restriction has been revoked after the company complied with the 25% minimum public shareholding requirements.  The company has stated that it had undertaken a bonus issue of 5.77 crore shares to the public shareholders on August 10, 2013 for the purposes of complying with the norms and consequently, public shareholders now hold 25.10% as required under the minimum public shareholding norms.