NEW DELHI: The federal government 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 federal 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 want to inform you that we’ve 2,85,00,000 fairness shares held by us in Tata Communications Restricted representing 10 per cent of the entire shareholding of the corporate, to the client on March 18, 2021 by the use of an off-market commerce,” the division of telecom on behalf of the President of India mentioned in a regulatory be aware.
In response to the regulatory submitting, the federal government has offered 10 per cent stake to Panatone Finvest Restricted.
The federal government has already offered 16.12 per cent stake via a proposal on the market to retail and non-retail buyers on the ground worth of Rs 1,161 per fairness.
The federal government has reserved a minimal of 25 per cent of the provide share for mutual funds and insurance coverage firms 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 Restricted arrange by the federal government in 1986.
The stake is a part of the federal government’s disinvestment course of. The federal government has set a goal to understand Rs 32,000 crore on this fiscal.