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%.