Mumbai: Following an agreement to pick up 25.1 per cent stake in Tata Telecom Ltd (TTL) from the Tata Group, Avaya Mauritius Ltd and associates are making an open offer to TTL shareholders to acquire upto 28.46 lakh company shares of Rs 10 each for Rs 220 per share.

The offer would open on May 13 and close on June 11, 2004, DSP Merill Lynch Ltd, manager to the offer, informed the Bombay Stock Exchange today (Apr 5, 2004).

The offer by Avaya Mauritius Ltd along with Avaya Inc and Avaya International Ltd is not conditional to any minimum level of acceptance by the shareholders, it said.

On April 2, Avaya had signed a share purchase agreement with Tata group - Tata Industries, Tata Power Company, Tata Chemicals, Tata Investment Corporation, Niskalp Investments & Trading Company and Tata Sons - to purchase 35.72 lakh shares of TTL, representing 25.1 per cent stake in TTL at Rs 220 per share.