The federal government will promote as much as 16.12 per cent stake in Tata Communications Ltd (TCL) by way of an Supply for Sale beginning on Tuesday, DIPAM Secretary Tuhin Kanta Pandey stated on Monday.
“Supply on the market of GoI fairness in TCL opens tomorrow for Non-Retail Traders. Day 2 for Retail Traders. Authorities would divest 10 per cent shares with a further 6.12 per cent as Inexperienced Shoe Possibility,” Pandey stated in a tweet.
In 2002, VSNL was privatized by promoting 1 / 4 of its inventory and handing over administration management to Panatone Finvest Ltd, a strategic accomplice. The corporate’s title was modified to TCL following the strategic disinvestment.
TCL’s promoters personal 74.99 p.c of the corporate, based on its shareholding sample. The federal government of India owns 26.12% of the corporate, whereas Panatone Finvest owns 34.80% and Tata Sons owns 14.07 p.c. The general public owns the remaining 25.01 p.c.
Within the present fiscal 12 months, the Division of Funding and Public Asset Administration (DIPAM) intends to promote its complete stake in TCL.
Based on TCL’s disinvestment technique, 16.12% of the federal government’s shareholding shall be offered by way of OFS, with the remainder, together with any remaining portion within the OFS, going to Panatone Finvest.
The federal government has collected Rs 21,302 crore from CPSE disinvestments thus far this fiscal. The revised disinvestment goal for this monetary 12 months is Rs 32,000 crore, considerably lower than the budgeted Rs 2.10 lakh crore.