Tata Group’s holding in Tata Communications rises to 58.87% after govt sells stake to Panatone

Tata Group’s holding in Tata Communications has increased to 58.87 per cent after the government sold stake to Tata Sons’ unit Panatone Finvest.

According to a regulatory filing, the government sold 10 per cent stake or 2.85 lakh shares in digital solutions provider Tata Communications (TCL) for Rs 1,189.1962 per equity share, amounting to Rs 3,389.2 crore.

“We, Panatone Finvest Limited have acquired 2,85,00,000 equity shares of the face value of Rs 10 each of Tata Communications Limited (the target company) representing 10 per cent of the total issued and paid-up equity share capital of the Target Company from the President of India (as represented by and acting through the Ministry of Communications, Government of India) via an off-market transfer of shares on March 18, 2021,” Panatone Finvest said.