Tata Communications has announced that Panatone Finvest Limited has acquired 2,85,00,000 equity shares of the face value of Rs. 10 each (“Equity Shares”) representing 10% of the total issued and paid-up equity share capital of the company.
Panatone acquired a 10% stake from the President of India represented by and acting through the Ministry of Communications, Government of India.
The transaction was carried through an off-market transfer of shares on March 18, 2021.
Earlier this month, Tata Communications promoters namely President of India, Panatone Finvest Limited, Tata Sons and the company had signed an agreement for the sale of the entire shareholding held by the government in the company.
As per the agreement, a 10% stake of Tata Communications held by the government was decided to be sold to Panatone which is a Tata Sons arm.
With that, Panatone's shareholding in Tata Communications increases to 44.80% from the previous 34.80% after the acquisition.
Tata Sons hold 14.07% of the total paid-up equity share capital of Tata Communications.
At around 2.12 pm, Tata Communications was trading at Rs1088.50 per piece down by 2.2% on Sensex.