CCI nods Tata Group-led Panatone Finvest's acquisition of telecom arm Tata Communications; Stock ends 3% higher

As per the proposed acquisition, Panatone's shareholding shall not exceed 26.12% in Tata Communications.

Feb 23, 2021 04:02 IST India Infoline News Service

Tata Communications
The Competition Commission of India (CCI) on Tuesday approved the acquisition of Tata Communications by Panatone Finvest under Section 31(1) of the Competition Act, 2002.

As per the proposed acquisition, Panatone's shareholding shall not exceed 26.12% in Tata Communications.

Panatone is a Systemically Important Non-Deposit Taking Core Investment Company (“CIC-ND-SI”) registered with the Reserved Bank of India and is a subsidiary of Tata Sons and belongs to the Tata Group.

With that, Tata Group would increase its shareholding from 48.87% to such shareholding not exceeding 74.99% in Tata Communications.

Tata Communications is part of the Tata group and is a facilities-based service provider of a broad range of integrated communications services. It generates revenue from three business segments - wholesale voice, enterprise and carrier data and others.

On Sensex, Tata Communications closed at Rs1045.40 per piece up by Rs26.70 or 2.62%. 

Related Story

Explore Important Blogs