Government seeks bids from bankers for Tata Communications stake sale

New Delhi: The government has sought bids from merchant bankers for selling its full shareholding of 26.12% in Tata Communications Ltd, earlier known as VSNL, through an offer for sale.

Bids have been sought by February 3, while the transaction is targeted for completion by March 20. Part of the shareholding will be sold through an offer for sale and rest, including leftover from the OFS, will be given to strategic partner – Panatone Finvest Ltd – the government said Tuesday.

“The GoI (Government of India) intends to disinvest its entire shareholding of 26.12 per cent paid up equity capital of TCL, through Offer for Sale (OFS) method of shares by promoters through the stock exchanges and thereafter to the Strategic Partner,” the Department of Investment and Public Asset Management (DIPAM) said in a notice issued Tuesday.