Following a prolonged legal battle, Japan’s NTT Corporation (Nippon Telegraph and Telephone) finally sold its 35.2 percent stake in Sri Lanka Telecom to Malaysian Network operator, Maxis for $297 million, taking Sri Lanka Telecom shares to a record high.

NTT and Sri Lanka Telecom said that the sale of 635 million shares to a unit of Maxis Communications’ parent Usaha Tegas Sdn Bhd was completed at 50.50 rupees per share, a 22 percent premium to Monday''s closing price. The price of the deal exceeded the expectations of all analysts.

“The market expected the deal to go through around 42-45 rupees level. We never expected it at 50.50 rupees,” said Vajira Premawardhana, head of research at Lanka Orix Leasing.

The price of the deal exceeded the expectations of almost all analysts. Officials of Colombo Stock Exchange said it had been a record day for business at the Sri Lankan market.

According to Thushara Jayaratne, market development manager at Sri Lankan stock market, it was the highest ever turnover in a lone day in the history of the Colombo Stock Exchange.