The Indian government is planning to sell it’s 26.12% stake in Tata Communications through “offer of sale” and plan on raising Rs.8000 crore. The government will sell it’s majority stake back to Tata’s and the small portion will sold through offer of sale in stock market.
The exact percentage of OFS has not been declared yet but the Cabinet Committee on Economic Affairs has approve the selling of up to 16% stake and the remaining will be bought by the Tata’s itself.
DIPAM has started inviting bids for OFS from merchants bankers/Stock brokers till February 03, 2021. The bidding will start from Feb 04 and the transaction process is expected to be completed by March 20, 2021.