Centre nets Rs 8,846 crore by exit from Tata Communications

Stocks

The government on March 19 said it sold 10 percent stake to Panatone Finvest

The government cut its disinvestment target for FY21 to Rs 32,000 crore from Rs 2.1 lakh crore due to delays caused by the COVID-19 pandemic.

The government cut its disinvestment target for FY21 to Rs 32,000 crore from Rs 2.1 lakh crore due to delays caused by the COVID-19 pandemic.

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The government has netted Rs 8,846 crore by selling its entire 26.12 percent stake in Tata Communications, helping the Centre move closer to its divestment target for 2020-21.

Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey, on March 22, tweeted that the government had completed the disinvestment.

“Disinvestment of Govt holding completed of 16.12% in TCL through OFS at Rs 5,457 cr and 10% to strategic partner at OFS discovered price for Rs 3,389 cr. With this, Government exits from TCL with total proceeds of Rs about Rs 8,846 cr,” Pandey said in a tweet.

The government said on March 19 that it had sold 10 percent stake to Panatone Finvest, PTI reported.

The government has already 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.

“The government’s exit from TCL gives a clear message that we are not there to squat. We got tremendous amount of value addition. The timing was also important. Within one year, the stock has gone up four times,” a finance ministry official told Mint.

The government cut its disinvestment target for FY21 to Rs 32,000 crore from Rs 2.1 lakh crore due to delays caused by the COVID-19 pandemic.

With the proceeds from the sale of its holding in Tata Communications, the government has gained Rs 31,006 crore through divestments this fiscal year, Mint reported.