Tata Sons Chairman Chandrasekaran meets telecom minister

Tata Sons Chairman N Chandrasekaran met Communications & IT minister Ravi Shankar Prasad on Thursday amid authorities’s strikes to divest its stake in Tata Group firm

Tata Communications, previously generally known as VSNL.

Details of the assembly weren’t instantly accessible, nevertheless it comes inside a couple of weeks of the Department of Investment and Public Asset Management (DIPAM) notifying that it had shortlisted as many as 11 service provider bankers to handle sale of the federal government’s 26.12 % stake in Tata Communications.

The assembly additionally comes with the Tata Group and the federal government set for an additional authorized battle over the quantum of adjusted gross dues (AGR) of
Tata Teleservices. The Tatas, like Bharti Airtel and Vodafone Idea, have information separate pleas within the Supreme Court, stating errors made by the telecom division whereas calculation AGR dues.

Meanwhile, as many as 11 service provider bankers, together with Goldman Sachs, JM Financial and Axis Capital are within the race. The authorities hopes to promote its whole stake in Tata Communications Ltd (TCL), erstwhile VSNL, via a proposal on the market and strategic sale route by March 20, 2021.

Public sector VSNL was privatised in 2002 by divesting 25% shareholding together with switch of administration management to Panatone Finvest Ltd, the strategic accomplice. Soon after the strategic disinvestment, the title of the corporate was modified to Tata Communications Ltd (TCL).

Other service provider bankers within the fray embody 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, part of the federal government shareholding will probably be supplied via an
provide on the market (OFS) mechanism and the stability, together with any leftover portion within the OFS, will probably be supplied to strategic accomplice Panatone Finvest Ltd.

As per the shareholding sample of TCL, the promoters maintain 74.99 % within the firm. Of this, the Government of India holds 26.12 % whereas Panatone Finvest holds 34.80 % and Tata Sons holds 14.07 %. The remaining 25.01 % is with the general public. NewsRush