Tata Communications’ promoter - Tata Sons will divest 0.96% stake in the company comprising 27.5 lakh shares through offer for sale (OFS) on June 03 to meet the minimum public shareholding norms. The share sale will take place through the seller’s brokers on the separate window provided by the stock exchanges for this purpose. The promoters hold 76.15% equity in the company as on March 2013.
As per the Securities and Exchange Board of India (SEBI) minimum public shareholding norms, all private sector listed companies need to have at least 25% public shareholding and promoters have been asked to lower their stake to 75% or below by June 30, 2013.
