Govt sells 10 pc stake to exit Tata Communications

According to the regulatory filing, the government has sold 10 per cent stake to Panatone Finvest Limited.

New Delhi: The government on Friday said it has exited Tata Communications after selling 10 per cent stake to Tata Sons’ arm Panatone Finvest in an off-market trade.

The Government of India held 26.12 per cent stake while Panatone Finvest had 34.80 per cent, Tata Sons 14.07 per cent and the remaining 25.01 per cent was with the public before the transaction.

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According to the regulatory filing, the government has sold 10 per cent stake to Panatone Finvest Limited.

The government has already sold 16.12 per cent stake through an offer for sale to retail and non-retail investors at the floor price of Rs 1,161 per equity.

The government has reserved a minimum of 25 per cent of the offer share for mutual funds and insurance companies subject to valid bids and 10 per cent for retail investors. The OFS was subscribed 1.33 times.