AgenciesTata Sons Chairman N Chandrasekaran met Communications & IT minister Ravi Shankar Prasad on Thursday amid government’s moves to divest its stake in Tata Group company , formerly known as VSNL.
Details of the meeting weren’t immediately available, but it comes within a few weeks of the Department of Investment and Public Asset Management (DIPAM) notifying that it had shortlisted as many as 11 merchant bankers to manage sale of the government’s 26.12 % stake in Tata Communications.
The meeting also comes with the Tata Group and the government set for another legal battle over the quantum of adjusted gross dues (AGR) of . The Tatas, like Bharti Airtel and Vodafone Idea, have files separate pleas in the Supreme Court, pointing out errors made by the telecom department while calculation AGR dues.
Meanwhile, as many as 11 merchant bankers, including Goldman Sachs, JM Financial and Axis Capital are in the race. The government hopes to sell its entire stake in Tata Communications Ltd (TCL), erstwhile VSNL, through an offer for sale and strategic sale route by March 20, 2021.
Public sector VSNL was privatised in 2002 by divesting 25% shareholding along with transfer of management control to Panatone Finvest Ltd, the strategic partner. Soon after the strategic disinvestment, the name of the company was changed to Tata Communications Ltd (TCL).
Other merchant bankers in the fray include ICICI Securities, Credit Suisse Securities, IDBI Capital Markets, Kotak Mahindra Capital, SBI Capital Markets, IIFL Securities, Yes Securities and Elara Capital.
As per the disinvestment plan of TCL, a part of the government shareholding will be offered through an
offer for sale (OFS) mechanism and the balance, including any leftover portion in the OFS, will be offered to strategic partner Panatone Finvest Ltd.
As per the shareholding pattern of TCL, the promoters hold 74.99 % in the company. Of this, the Government of India holds 26.12 % while Panatone Finvest holds 34.80 % and Tata Sons holds 14.07 %. The remaining 25.01 % is with the public.
Details of the meeting weren’t immediately available, but it comes within a few weeks of the Department of Investment and Public Asset Management (DIPAM) notifying that it had shortlisted as many as 11 merchant bankers to manage sale of the government’s 26.12 % stake in Tata Communications.
The meeting also comes with the Tata Group and the government set for another legal battle over the quantum of adjusted gross dues (AGR) of . The Tatas, like Bharti Airtel and Vodafone Idea, have files separate pleas in the Supreme Court, pointing out errors made by the telecom department while calculation AGR dues.
Meanwhile, as many as 11 merchant bankers, including Goldman Sachs, JM Financial and Axis Capital are in the race. The government hopes to sell its entire stake in Tata Communications Ltd (TCL), erstwhile VSNL, through an offer for sale and strategic sale route by March 20, 2021.
Public sector VSNL was privatised in 2002 by divesting 25% shareholding along with transfer of management control to Panatone Finvest Ltd, the strategic partner. Soon after the strategic disinvestment, the name of the company was changed to Tata Communications Ltd (TCL).
Other merchant bankers in the fray include ICICI Securities, Credit Suisse Securities, IDBI Capital Markets, Kotak Mahindra Capital, SBI Capital Markets, IIFL Securities, Yes Securities and Elara Capital.
As per the disinvestment plan of TCL, a part of the government shareholding will be offered through an
offer for sale (OFS) mechanism and the balance, including any leftover portion in the OFS, will be offered to strategic partner Panatone Finvest Ltd.
As per the shareholding pattern of TCL, the promoters hold 74.99 % in the company. Of this, the Government of India holds 26.12 % while Panatone Finvest holds 34.80 % and Tata Sons holds 14.07 %. The remaining 25.01 % is with the public.
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