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The government has exited Tata Communications by selling about 26% stake in the company for about Rs 8,846 crore as part of the disinvestment plan
New Delhi: The government has exited Tata Communications Ltd (TCL) by selling about 26% stake in the company for about Rs 8,846 crore as part of the disinvestment plan.
Public sector company VSNL was privatised in 2002 by disinvesting 25% shareholding along with transfer of management control to Panatone Finvest Ltd, the strategic partner. Subsequent to the strategic disinvestment, the name of the company was changed to TCL.
“Disinvestment of government holding completed of 16.12% in TCL through OFS at Rs 5,457 crore and 10% to a strategic partner at OFS discovered price for Rs 3,389 crore. With this, government exits from TCL with total proceeds of about Rs 8,846 crore,” DIPAM Secretary Tuhin Kanta Pandey said in a tweet on March 22.
As per the shareholding pattern of TCL, the promoters hold 74.99% stake in the company. Of this, the Government of India holds 26.12%, while Panatone Finvest holds 34.80% and Tata Sons holds 14.07%. The remaining 25.01% is with the public.
Last week, the government sold its 16.12% stake through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs 1,161 per equity.
The revised disinvestment target for this financial year has been set at Rs 32,000 crore, substantially lower than the budgeted Rs 2.10 lakh crore.