Tata Communications, a global provider of communications services, climbed on Monday after the shareholders of Neotel and Vodacom SA have announced that they have favourably concluded an agreement on the commercial structure and terms to proceed for Vodacom to acquire 100% of the shares of Neotel valued at an enterprise value of ZAR 7 billion.

This follows the announcement late last year that the parties were entering into exclusive talks for a due diligence.

Shares of the company are trading at Rs 305.75, up Rs 11.95, or 4.07% at the Bombay Stock Exchange (BSE) on Monday at 12:17 p.m.

The scrip has touched an intra-day high of Rs 315.75 and low of Rs 295. The total volume of shares traded at the BSE is 137,330.

In the earlier session, the shares rose 2.85%, or Rs 8.15, at Rs 293.80. Currently, the stock is trading down 4.3% from its 52-week high of Rs 319.50 and above 123.34% over the 52-week low of Rs 136.90.