The authorities on Friday mentioned it has exited Tata Communications after promoting 10 per cent stake to Tata Sons’ arm Panatone Finvest in an off-market commerce.
The Government of India held 26.12 per cent stake whereas Panatone Finvest had 34.80 per cent, Tata Sons 14.07 per cent and the remaining 25.01 per cent was with the general public earlier than the transaction.
“We wish to inform you that we have 2,85,00,000 equity shares held by us in Tata Communications Limited representing 10 per cent of the total shareholding of the company, to the buyer on March 18, 2021 by way of an off-market trade,” the Department of Telecom on behalf of the President of India mentioned in a regulatory notice.
According to the regulatory submitting, the federal government has offered 10 per cent stake to Panatone Finvest Limited.
The authorities has already offered 16.12 per cent stake by way of a suggestion on the market to retail and non-retail buyers on the flooring value of Rs 1,161 per fairness.
The authorities has reserved a minimal of 25 per cent of the supply share for mutual funds and insurance coverage corporations topic to legitimate bids and 10 per cent for retail buyers. The OFS was subscribed 1.33 occasions.
Tata Communications was shaped after Tata Group acquired stake in 2002 in erstwhile Videsh Sanchar Nigam Limited arrange by the federal government in 1986.
The stake is a part of the federal government’s disinvestment course of. The authorities has set a goal to understand Rs 32,000 crore on this fiscal.
