Modi govt to sell entire 26.12% stake in Tata Communications

The Narendra Modi government will exit its entire 26.12% shareholding in Tata Communications Ltd., the company said in a regulatory filing late Friday.

The government will sell a 16.12% stake through an offer-for-sale via stock exchanges, Tata Communications said in the statement. The remaining shares will be sold to Tata Sons Pvt.’s investment arm Panatone Finvest Ltd. immediately after that sale, it said.

Panatone Finvest currently owns 34.8% of Tata Communications, while Tata Sons has a 14.1% stake in the company.