Tata Sons increase its holding in Tata Communications
23 Dec 2008
Tata Communications has informed the BSE that Tata Sons, one of the promoter group firms in Tata Communications has raised its stake in the company to 10.88 per cent by acquiring an additional 2.37 per cent
It has acquired 67.53 lakh shares representing 2.37 per cent stake in Tata Communications through an inter se transfer of shares. An inter se transfer means a transfer within the group companies.
According to reports Panatone Finvest, while partly selling 67.5 lakh of the original shares of Tata Communications (then known as VSNL) transferred from the government valued the shares at just Rs204 on Friday against a market price of Rs510 per share. he transferred shares are not embedded with the value of 773 acres of VSNL's real estate property.
Tatas had acquired VSNL through a special purpose vehicle called Panatone Finvest. Panatone Finvest nearly acquired a 25-per cent stake from the government and 20 per cent from an open offer. Therefore, the holding was around 45 per cent there and the acquisition price was around Rs202 per share.
After the government's decision to disinvest 25 per cent of the shareholding of VSNL held by it to a strategic partner with the intention to transfer management control to a strategic partner through the competitive bidding route, Panatone Finvest was selected by the government for the sale of 7,12,50,000 fully paid-up equity shares, representing 25 per cent of the voting capital of VSNL held by the government.
