Government to disinvest all its shares of Tata Communications Ltd

Government will sell its last of 26.12% stake in Tata Communications Ltd. to exit the company. Part of the shares are to be sold through offer for sale in the stock market and the rest to be sold to the Tatas to accumulate around 8000 crore as disinvestment receipts for the fiscal year ending March 31, 2021.

“Part of the stake will be sold through OFS and on the discovered price, rest of the stake will be sold to the Tatas. Though how much exactly will be sold through OFS has not been decided yet, the Cabinet Committee on Economic Affairs (CCEA) has approved selling up to 16% stake through OFS and remaining to the Tatas,” a Finance Ministry official said.

Department of Investment and Public Asset Management has set February 3 as the last date to submit bids to be opened on February 4.