Centre to exit its holding in VSNL this fiscal, sell 26.12% stake

The government will sell its entire 26.12 per cent stake in Tata Communications Ltd (TCL), erstwhile VSNL, through an offer for sale and strategic sale route in the current fiscal.

In a notice, the Department of Investment and Public Asset Management (DIPAM) said a part of the shareholding will be offered through OFS and the balance, including any leftover portion in the OFS, will be offered to strategic partner Panatone Finvest Limited.

The transaction is to be completed by March 20, 2021, the DIPAM said.

Shares of Tata Communications closed at Rs 1,129.95, up 1.08 per cent over the previous close on the BSE.

At the current market price, 26.12 per cent stake in the firm would fetch the exchequer around Rs 8,400 crore.