Government to sell its entire stake in Tata Communications, has 7.44 crore shares in TCL

Tata Communications

Tata Communications

The government holds 7,44,46885 shares in TCL. According to the last closing price of this share of Rs 1,289.75, the government’s share is worth Rs 9,601 crore. The government will first sell its 4 crore 59 lakh 46 thousand 885 shares, ie 16.12 percent stake, through an open offer on the stock exchange.

New Delhi. The government will sell a part of its remaining stake in Tata Communications (formerly known as Videsh Sanchar Nigam Limited) in the open market through a sale offer. The rest of the government’s shares will be sold to Penatone Finvest Limited, the investment arm of Tata Sons. The company has given this information in a market information. The government currently holds 26.12 per cent in Tata Communications, 34.8 per cent by Penatone Finvest Limited and 14.07 per cent by Tata Sons.

Tata Communications Limited (TCL) said in a regulatory notice on Friday that Tata Communications Limited on Friday called the President of India, Penatone Finvest Limited, Tata Sons Pvt. Ltd And the company has entered into an amendment agreement between the company to sell the entire shareholding.

16.12 percent stake in stock exchange
The government holds 7,44,46885 shares in TCL. According to the last closing price of this share of Rs 1,289.75, the government’s share is worth Rs 9,601 crore. The government will first sell its 4 crore 59 lakh 46 thousand 885 shares, ie 16.12 percent stake, through an open offer on the stock exchange.Also read: Petrol Diesel Price: Price of Petrol Diesel has not changed since 14 days, will the price be reduced now, know

The remaining stake will be sold to Penatone

In the information sent to the stock market, it has been said further, immediately after this, the government will sell the remaining stake to Penatone. For this, the sale price will be removed under the fixed system. The company has said in the information that the government will not have any stake in Tata Communications on completion of this deal. The government sold a 25 percent stake in Videsh Sanchar Nigam Limited (VSNL), established in 1986, to Penatone Finvest Limited with management control. After this the name of this company was changed to Tata Communications Limited.

Consolidated profits fell 19.6 percent
Let us tell you that the consolidated profit of the company fell by 19.6 per cent to Rs 309.4 crore in the December quarter from Rs 384.8 crore in the previous quarter. At the same time, the company’s revenue in Q3 saw a decline of 4.1 percent and it was Rs 4222.8 crore, compared to Rs 4401.1 crore in the previous quarter. Other income of the company in the third quarter was Rs 8.2 crore compared to Rs 76.1 crore in the previous quarter.



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