The stake is part of the government’s disinvestment process.
The government said on Friday that it had exited Tata Communications after selling a 10% stake in Tata Sons arm Pantone Finvest in an off-market trade.
The Government of India held 26.12% stake, while Panatone Finvest held 34.80%, Tata Sons 14.07% and the remaining 25.01% with the public before the transaction.
“We would like to inform you that we have 2,85,00,000 equity shares in Tata Communications Ltd., representing 10% of the total shareholding of the company, through an off-market trade on 18 March 2021 to the buyer. ., “DoT said on behalf of the President of India in a regulatory note.
As per regulatory filings, the government has sold a 10% stake to Panton Finvest Limited.
The government has already sold 16.12% stake to retail and non-retail investors through an offer to sell at a price of ₹ 1,161 per equity.
The government has reserved a minimum of 25% of the shares for mutual funds and insurance companies subject to a valid bid and 10% for retail investors. OFS was subscribed 1.33 times.
Tata Communications was formed in 2002 by the Tata group after acquiring a stake in the erstwhile Videsh Sanchar Nigam Limited.
The stake is part of the government’s disinvestment process. The government has set a target of realizing ₹ 32,000 crore in this financial year.
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