Indian government finalises stake sale in Tata Communications

New Delhi: The government will sell a 16.12% stake in Tata Communications through an offer for sale (OFS) and the remaining 10% of its holding in the company to Panatone Finvest, an investment arm of Tata Sons.

The sale will bring an end to the government’s nearly 20-year-old involvement in Tata Communications, formerly known as Videsh Sanchar Nigam Ltd (VSNL).

The government will sell the 10% stake to Panatone Finvest immediately after the OFS, at the price determined through the offering, Tata Communications said in an exchange filing late on Friday.