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CCI clears private fund investments in Tata Communications, API Holdings
26 February 2021
The Competition Commission of India (CCI) has approved the acquisition of Tata Communications Limited (TCL) by buy-out fund Panatone Finvest Limited, CCI also .approved the acquisition of equity shareholding in API Holdings Private Limited by another buy-out fund CDPQ Private Equity Asia Pte Ltd.
The proposed combination envisages acquisition of shareholding not exceeding 26.12 per cent by Panatone Finvest in Tata Communications Subsequently, Tata Group would also increase its shareholding in Tata Communications from 48.87 per cent to a maximum 74.99 per cent.
Panatone Finvest is a systemically important non-deposit taking core investment company registered with the Reserved Bank of India and is a subsidiary of Tata Sons and belongs to the Tata Group.
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Govt calls for presentation by merchant bankers for Tata Comm OFS on Tuesday
By IANS |
Published on
Mon, Feb 8 2021 12:21 IST |
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Tata Communications.. Image Source: IANS News
New Delhi, Feb 8 : The Department of Investment and Public Asset Management (DIPAM) has called on the interested merchant banks to make presentations on Tuesday for the selection of a merchant banker-cum-selling broker for disinvestment of the government s entire shareholding in Tata Communications through offer for sale (OFS).
A total of 11 merchant banks are in the fray including Axis Capital, Credit Suisse Securities (India) Private Ltd, Elara Capital (India), Goldman Sachs (India) Securities and ICICI Securities.
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Government to exit Tata Communications; may garner around ₹8,000 crore
The consolidated profit after tax of TCL in the December quarter rose 4.28% from a year earlier to ₹309 crore.Premium
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Government will sell the residual 26.12% stake in Tata Communications Ltd (TCL) to exit the erstwhile Videsh Sanchar Nigam Ltd, partly through offer for sale in the stock market and selling the rest to the Tatas to garner around ₹8000 crore as part of its disinvestment receipts in the current financial year ending 31 March.
“Part of the stake will be sold through OFS and on the discovered price, rest of the stake will be sold to the Tatas. Though how much exactly will be sold through OFS has not been decided yet, the Cabinet Committee on Economic Affairs (CCEA) has approved selling up to 16% stake through OFS and remaining to the Tatas, a finance ministry official said on condition of anonymity.
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