Tata Group's share in Tata Communications has raised to 58.87 percent post the government sold stake to Tata Sons' unit Panatone Finvest.

According to a regulatory filing, the government has sold 10 percent stake that makes about 2.85 lakh shares in digital solutions provider Tata Communications (TCL) for Rs.1,189.1962 per equity share, amounting to Rs.3,389.2 crore.

Panatone Finvest says, “We, Panatone Finvest Limited have acquired 2,85,00,000 equity shares of the face value of Rs.10 each of Tata Communications Limited (the target company) representing 10 per cent of the total issued and paid-up equity share capital of the Target Company from the President of India (as represented by and acting through the Ministry of Communications, Government of India) via an off-market transfer of shares on March 18, 2021.”

Prior the stake sale exercise, the Government of India has held 26.12 percent stake, while Panatone Finvest held 34.80 percent and Tata Sons 14.07 percent. However, the remaining 25.01 percent was with the public.

After the transaction, Tata Sons' direct and indirect stake in TCL has escalated to 58.87 percent.

However, Last week the government has sold 16.12 percent stake through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs.1,161 per equity share. The government has realised Rs 8,846 crore from sale of its entire stake in TCL.