Tata Sons has offered to buy Japan-based NTT DOCOMO’s stake in Tata Teleservices Limited (TTSL) for Rs 23.34 a share, amounting to a total value of around Rs 110 billion. The offer was made on the basis of a fair market value determined on June 30, 2014.

In March 2015, the Reserve Bank of India (RBI) had rejected Tata Sons’ offer to buy back DOCOMO’s shares at the pre-agreed valuation of Rs 58 a share, amounting to a total value of around Rs 270 billion.

Earlier, in January 2015, NTT DOCOMO’s had requested the London Court of International Arbitration to ensure that Tata Sons finds a suitable buyer for DOCOMO’s 26.5 per cent stake in TTSL. The company had filed this arbitration request after Tata Sons failed to fulfill its obligation despite its repeated negotiations on the sale of its entire stake.