Govt exits Tata Communications, sells 26% stake for Rs 8,846 crore

Govt exits Tata Communications, sells 26% stake for Rs 8,846 crore


The federal government has exited Tata Communications Ltd (TCL) by promoting about 26 per cent stake within the firm for about Rs 8,846 crore as a part of the disinvestment plan.


Public sector firm VSNL was privatised in 2002 by disinvesting 25 per cent shareholding together with switch of administration management to Panatone Finvest Ltd, the strategic associate. Subsequent to the strategic disinvestment, the identify of the corporate was modified to TCL.



“Disinvestment of presidency holding accomplished of 16.12% in TCL by OFS at Rs 5,457 crore and 10% to strategic associate at OFS found value for Rs 3,389 crore. With this, authorities exits from TCL with complete proceeds of Rs about Rs 8,846 crore,” DIPAM Secretary Tuhin Kanta Pandey stated in tweet on Monday.


As per the shareholding sample of TCL, the promoters maintain 74.99 per cent stake within the firm. Of this, the Authorities of India holds 26.12 per cent whereas Panatone Finvest holds 34.80 per cent and Tata Sons holds 14.07 per cent. The remaining 25.01 per cent is with the general public.


Final week, the federal government bought its 16.12 per cent stake by a suggestion on the market (OFS) to retail and non-retail buyers on the flooring value of Rs 1,161 per fairness.


The revised disinvestment goal for this monetary yr has been set at Rs 32,000 crore, considerably decrease than the budgeted Rs 2.10 lakh crore.

(Solely the headline and movie of this report might have been reworked by the Enterprise Commonplace employees; the remainder of the content material is auto-generated from a syndicated feed.)

Pricey Reader,

Enterprise Commonplace has all the time strived arduous to offer up-to-date data and commentary on developments which might be of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on the best way to enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these troublesome instances arising out of Covid-19, we proceed to stay dedicated to protecting you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.

We, nevertheless, have a request.

As we battle the financial affect of the pandemic, we’d like your assist much more, in order that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from lots of you, who’ve subscribed to our on-line content material. Extra subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We consider in free, truthful and credible journalism. Your assist by extra subscriptions might help us practise the journalism to which we’re dedicated.

Assist high quality journalism and subscribe to Enterprise Commonplace.

Digital Editor


https://www.business-standard.com/article/economy-policy/govt-exits-tata-communications-sells-26-stake-for-rs-8-846-crore-121032300986_1.html