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Tata Communication OFS: Tatas stake in Tata Communications will rise to 59% | India Business News
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MUMBAI: The government is expected to garner Rs 5,440 crore from the offer for sale (OFS) of the
Tata Communications which ended on Wednesday. The OFS was subscribed 1.33 times despite poor response from the retail investors. The offer received overall bids for 6.12 crore shares as against 4.6 crore shares on offer. Though the floor price for the OFS was fixed at Rs 1,161, most of the bids came in at Rs 1,184.
The portion reserved for retail investors was subscribed by just 1.46%. Shares of Tata Communications declined almost 6% to close at Rs 1141 on BSE.
The government was initially offering to sell up to 2.85 crore equity shares representing 10% of the total paid up equity capital of the company with a green shoe option of selling 1.74 crore equity shares representing 6.12%.
Tata Communications slumps as OFS concludes
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The benchmark indices ended a volatile session on a flat note on Tuesday. The Nifty managed to close above the 14,900 mark after slipping below that level in intraday. IT and FMCG stocks were in demand.
As per the provisional closing data, the S&P BSE Sensex, fell 31.12 points or 0.06% at 50,363. The Nifty 50 index declined 19 points or 0.13% at 14,910.70.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.4%. The S&P BSE Small-Cap index rose 0.32%.
The market breadth was almost even. On the BSE, 1,476 shares rose and 1,484 shares fell. A total of 178 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,101.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 749.71 crore in the Indian equity market on 15 March 2021, provisional data showed.