Tata Communications tumbled 6.28% to Rs 1059 on reports that the government will sell its entire 26.12% stake in the company, erstwhile Videsh Sanchar Nigam (VSNL).According to the reports, the government will offload its stake in the ongoing financial year, through offer for sale and strategic sale routes. A part of the shareholding will be offered through OFS and the balance, including any leftover portion in the OFS, will be offered to strategic partner Panatone Finvest. The transaction is to be completed by 20 March 2021.
Public sector VSNL was privatised in the year 2002 by disinvesting 25% shareholding along with transfer of management control to the strategic partner, Panatone Finvest. Following the strategic disinvestment, the name of the company was changed to Tata Communications.
Tata Communications Q3 results: Profit jumps over 5-fold to Rs 309 crore on lower costs
Tata Communications Q3 results: Consolidated revenue from operations was marginally down by 0.1 per cent YoY to Rs 4,222.83 crore in Q3 FY21, as drop in voice business offset growth in data business
BusinessToday.In | January 19, 2021 | Updated 20:56 IST
Tata Communications profit soars 426% to Rs 309.41 crore in December quarter
Tata Communications, a part of Tata Group, on Tuesday reported 425.76 per cent year-on-year growth in consolidated profit after tax (PAT) at Rs 309.41 crore for the third quarter ended December 31, 2020, compared to Rs 58.85 crore in the same period last year. The surge in profit was attributed to cost efficiencies and improved business processes as well as higher deferred tax credits during the quarter under review.