Tata Group's holding in Tata Communications has increased to 58.87 per cent after the government sold stake to Tata Sons' unit Panatone Finvest.
According to a regulatory filing, the government sold 10 per cent stake or 2.85 lakh shares in digital solutions provider Tata Communications (TCL) for Rs 1,189.1962 per equity share, amounting to Rs 3,389.2 crore.
"We, Panatone Finvest Limited have acquired 2,85,00,000 equity shares of the face value of Rs 10 each of Tata Communications Limited (the target company) representing 10 per cent of the total issued and paid-up equity share capital of the Target Company from the President of India (as represented by and acting through the Ministry of Communications, Government of India) via an off-market transfer of shares on March 18, 2021," Panatone Finvest said.
Before the stake sale exercise, the Government of India held 26.12 per cent stake, while Panatone Finvest held 34.80 per cent and Tata Sons 14.07 per cent. The remaining 25.01 per cent was with the public.
Post the transaction, Tata Sons' direct and indirect stake in TCL has increased to 58.87 per cent.
Last week, the government sold 16.12 per cent stake through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs 1,161 per equity share.
The government has realised Rs 8,846 crore from sale of its entire stake in TCL.