In Tata Communications, the government will initially offer to sell up to 2.85 crore equity shares representing up to 10 per cent of the total paid-up equity share capital of the company. The government may sell additional 1.74 crore equity shares representing 6.12 per cent of stake in Tata Communications as an oversubscription option. As per the shareholding pattern of the promoter and promoter group in Tata Communications, the promoters hold a 74.99 per cent stake in the company. Of this, the Government of India holds a 26.12 per cent stake while Panatone Finvest has 34.80 per cent and Tata Sons has a 14.07 per cent stake in TCL. The remaining 25.01 per cent is with the public.
Tata Communications share price fell as much as 7 per cent to Rs 1,206.30 apiece on BSE on Tuesday, a day after DIPAM Secretary Tuhin Kanta Pandey informed that the government will sell up to 16.12 per cent stake in TCL through an offer-for-sale. The floor price has been fixed at Rs 1,161 per equity share.DIPAM Secretary also informed that the government would divest 10 per cent shares with an additional 6.12 per cent as Green Shoe Option.