New Delhi, March 25: Two Tata group firms today raised Rs 740.72 crore by selling part of their stakes in Tata Teleservices (TTSL), the privately held telecom business of the group.

Sources from Tata Communications said the company sold some of its stake in TTSL to Japan’s NTT DoCoMo for Rs 424 crore. Tata Communications did not say the size of the stake sold.

Tata Power also sold part of its stake in TTSL for Rs 316.72 crore, but did not reveal the buyer or the stake size.

Tata Power shares jumped 7.12 per cent to close at Rs 740.20 on the Bombay Stock Exchange, while Tata Communications soared 2.13 per cent to touch Rs 523.15.

After the stake sale, Tata Communications’ equity will fall to 10.6 per cent in TTSL, a company official said.

NRI businessman C. Sivasankaran has an 8 per cent stake in TTSL and Singapore-based Temasek Holdings has 9.9 per cent. TTSL has a subscriber base of over 34 million.