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.)

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