New Delhi. The relationship between the central government and the Tata group is years old. The two have worked together on many welfare schemes related to the economy, industries and society of the country. Now a relationship between the government and Tata is going to end. This relationship was established by both of them for almost 20 years. In fact, the central government is going to sell its entire stake of more than 26 per cent from Tata Communications. Due to which Kendra will get more than about 9600 crores rupees.
Government will sell shares of Tata Communications
The central government has made up its mind to sell its entire stake to Tata Communications. This information has been given by Tata himself. The government will sell its 16.12 per cent stake in Tata Communications through Offer for Sale. While the remaining 10 per cent stake will be sold to Penatone Finvest Limited, the investment unit of Tata Sons. After this, the 20-year-old partnership of the government will be completely ended with Tata Communications.
After all, why is the relationship breaking
According to the information, Panatone Finvest and Tata Sons have partnerships of 34.80 per cent and 14.07 per cent respectively. Sarkar, Panatone Finvest and Tata Sons are promoters of the Tata Communications company. The government’s stake in raising money through equity was creating a major bottleneck. Due to this, Tata Communications had to depend entirely on debt funding to raise money.
Fall in shares
After this decision, Tata Communications lost 2.65 per cent to close at Rs 1,289.75 on Friday. At this price, the government’s 26.12 per cent stake is worth more than Rs 9,600 crore. While the stock of the company had also gone to a day’s high of Rs.1333 during the trading session, it had also seen a day’s low of Rs.1269.20. However, the company’s stock opened at Rs 1287.