The government has sold its entire stake in Tata Communications. In an out-of-market deal, the government has sold its 10 percent stake in the company to Panatone Finvest, a Tata Sons entity. In this way, the government has exited Tata Communications. Prior to the deal, the government had 26.12 per cent stake in the company and Panatone Finvest had 34.80 per cent, Tata Sons had 14.07 per cent and public shareholders had the remaining 25.01 per cent.
“We want to inform that we have sold 2,85,00,000 equity shares to the buyer in an out-of-market transaction,” the Department of Telecommunications said in a communication sent by the President of India to the stock markets. This is 10 percent of the total shareholding of the company. Has sold 10 per cent stake. The government has already sold 16.12 per cent stake in the company at a minimum price of Rs 1,161 per share through a sale offer (OFS) to retail and non-retail investors. The government had reserved a minimum of 25 per cent of the shares of the sale offering to mutual fund companies and insurance companies and 10 per cent to retail investors. The OFS was subscribed 1.33 times.
Company name VSNL till 2002
Tata Group Ltd. in 2002, the erstwhile Videsh Sanchar Nigam Limited. Was acquired. After that Tata Communications came into existence. Foreign Communications Corporation Ltd. The government was founded in 1986. This stake sale is part of the government’s disinvestment process.
Privatization decision in 2002
This company gets credit for bringing internet in the country. The Internet was started in 1986 for the research community and publicly on 15 August 1995, VSNL started the Internet service for the first time in the country. Currently there are more than 72 crore active internet users in the country. At that time in the world of Internet, the arbitrariness of VSNL was going on and the private sector was not even allowed to do business in it. In 2002, the then Vajpayee government decided to privatize this company.
The company was founded in 1986
The government sold a 25 per cent stake in Videsh Sanchar Nigam Limited (VSNL), established in 1986, to Penatone Finvest Limited with management control. After this the name of this company was changed to Tata Communications Limited.
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