The government holds 26.12 per cent in Tata Communications, 34.8 per cent by Panatone Finvest Limited and 14.07 per cent by Tata Sons.
The government will sell a part of its remaining stake in Tata Communications through an offer for sale in the open market. The old name of Tata Communication is Videsh Sanchar Nigam Limited (VSNL). The rest of the government’s shares will be sold to Panatone Finvest Limited, the investment arm of Tata Sons. The company has given this information in market information. The 16.12 per cent stake will be sold through OFS and the rest to Panatone Finvest.
The government currently holds 26.12 per cent in Tata Communications, 34.8 per cent by Panatone Finvest Limited and 14.07 per cent by Tata Sons. Tata Communications Limited (TCL) said in a regulatory notice on Friday, ‘Tata Communications Limited has entered into an amendment agreement between the President of India, Panatone Finvest Limited, Tata Sons Private Limited and the company to sell the entire shareholding by the Government of India.’ VSNL (Videsh Sanchar Nigam Limited) was a public sector company till 2002. This company was founded in 1986 and the credit for bringing internet into the country goes to this company.
The company was founded in 1986
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.
Last closing price Rs. 1290
The government holds 7 crore 44 lakh 46 thousand 885 shares in Tata Communications. According to the last closing price of this share of Rs 1,289.75, the government’s share is worth Rs 9,601 crore. ‘The government will first sell its 4 crore 59 lakh 46 thousand 885 shares, ie 16.12 per cent stake through an open offer on the stock exchange.’ In the information sent to the stock market, it has been further said, “Soon after, the government will sell its remaining stake to Panatone.” The selling price for this will be extracted under the fixed arrangement.
Government sold 25 percent stake in 2002
The company has said in the information that the government will not have any stake in Tata Communications on completion of this deal. The government sold a 25 per cent stake in Videsh Sanchar Nigam Limited (VSNL), established in 1986, to Panatone Finvest Limited with management control. After this the name of this company was changed to Tata Communications Limited.