Bank of India-controlled Securities Trading Corporation of India Ltd (STCI) has acquired minority stake in Tulip Telecom Ltd, an enterprise data services provider, for an undisclosed sum, according to a company statement to the Bombay Stock Exchange.
Under the deal, STCI has acquired 77.5 lakh shares that account for 5.34 per cent stake in Tulip Telecom.
Shares of Tulip Telecom were trading at Rs 111.55 a piece at 11.55 am on the BSE, down 1.20 per cent from the previous close.
In November this year, Tulip was in talks with private equity firms to raise up to $75 million (Rs 404 crore) in the current fiscal to fund its expansion plans, according to various media reports. Also in January, Tulip acquire a Bangalore-based data centre facility from the special purpose vehicle SADA IT Parks Pvt Ltd at a value of Rs 230 crore. Incidentally, it is the company’s fifth data centre in the country, and happens to be India’s largest and the world’s third largest single site data centre.
Incorporated in 1992, Delhi-based Tulip Telecom is an enterprise communications service provider, offering IP-based infrastructural solutions in India and abroad. The company primarily caters to key segments like banking, insurance, logistic and telecom. Tulip claims to have 2200-plus customers and employs 3,700 people.
STCI was set up as a subsidiary of the Reserve Bank of India in May 1994, with the objective of fostering an active secondary market in Government of India securities and public sector bonds.