Thursday , October 28 2021

Tata Communications gains as govt planning to sell stake through OFS, rest to Tata Son’s arm

Tata Communications is currently trading at Rs. 1300.00, up by 10.25 points or 0.79% from its previous closing of Rs. 1289.75 on the BSE.

The scrip opened at Rs. 1290.10 and has touched a high and low of Rs. 1328.40 and Rs. 1266.00 respectively. So far 11438 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1365.00 on 08-Mar-2021 and a 52 week low of Rs. 205.70 on 19-Mar-2020.

Last one week high and low of the scrip stood at Rs. 1365.00 and Rs. 1251.10 respectively. The current market cap of the company is Rs. 37145.48 crore.

The promoters holding in the company stood at 74.99%, while Institutions and Non-Institutions held 19.05% and 5.97% respectively.

The Government is planning to sell its entire stake in Tata Communications through an offer for sale (OFS) and the rest to Tata Son’s investment arm Panatone Finvest. Currently, the government holds 26.12 per cent stake in Tata Communications, Panatone Finvest 34.8 per cent and Tata Sons 14.07 per cent, respectively.

As an initial step, the government will sell up to 4,59,46,885 equity shares forming 16.12 per cent equity shareholding of the company through an offer-for-sale through the stock exchange mechanism. Immediately after the OFS, the government shall sell the remaining equity shares held by it in the company to Panatone.

Tata Communications along with its subsidiaries is a leading global provider of A New World of Communications.

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