The portion reserved for retail traders was subscribed by simply 1.46%. Shares of Tata Communications declined nearly 6% to shut at Rs 1141 on BSE.
The federal government was initially providing to promote as much as 2.85 crore fairness shares representing 10% of the entire paid up fairness capital of the corporate with a inexperienced shoe possibility of promoting 1.74 crore fairness shares representing 6.12%.
Put up OFS, the federal government stake within the firm will decline from 26.12% to 10%. The federal government will promote the remaining 10% of its holding within the firm to Panatone Finvest, an funding arm of Tata Sons.
The sale will deliver an finish to the federal government’s almost 20-year-old involvement in Tata Comm, previously referred to as Videsh Sanchar Nigam Ltd (VSNL).
VSNL was divested in 2002 by the federal government and the administration management of the corporate was handed on to the strategic companion Panatone Finvest, a particular function car underneath the Tata Teams of Corporations and a non-deposit-taking core funding arm of Tata Sons.