The government has exited Tata Communications Ltd (TCL) by selling about 26 per cent 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 per cent shareholding and transfer of management supervision to Panatone Finvest Ltd, the strategic partner. After 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 strategic partner at OFS discovered price for Rs 3,389 crore. With this, government exits from TCL with total proceeds of Rs about Rs 8,846 crore,” DIPAM Secretary Tuhin Kanta Pandey said in a tweet on Monday.
As per the shareholding pattern of TCL, the promoters hold a 74.99 per cent stake in the company. Of this, India’s Government holds 26.12 per cent, while Panatone Finvest holds 34.80 per cent, and Tata Sons holds 14.07 per cent. The remaining 25.01 per cent is with the public.