Sebi gives Pantone Finvest conditional exemption from an open offer for Tata Communications

Mumbai: The Securities and Exchange Board of India (Sebi) has given Pantone Finvest, a Tata Sons subsidiary, conditional exemption from an open offer for Tata Communications in which the Centre is seeking to reduce its ownership.

Currently, 75% in the company is held by the promoters, while 25% is held by the public. The government is also a promoter in the company and holds about 26% stake, which it is planning to divest.

As an initial step, the government has proposed to offload about 16% stake through an offer for sale (OFS) through the stock exchange mechanism. The balance shareholding would be sold to Pantone Finvest.