The Union government is offloading its entire stake in Tata Communications. It currently holds a 26.12 per cent stake (7,44,46,885 shares) in Tata Communications, which will fetch almost Rs 9,602 crore based on the closing price of the Tata group firm on Friday.
Of this around 16.12 per cent will be sold through an offer for sale (OFS) while the rest will go to Panatone Finvest, an investment arm of Tata Sons.
It may be recalled that VSNL was privatised in 2002 by the Atal Bihari Vajpayee-led NDA government when it divested a 25 per cent shareholding along with transfer of management control to Panatone Finvest Ltd, the strategic partner. Subsequent to the strategic divestment, the name of the company was changed to Tata Communications Ltd.