Tata Sons hikes stake in Tata Comm to 10.88%
MUMBAI: Tata Communications today said that Tata Sons, one of its promoter group firm, has consolidated its stake in the company to 10.88 percent by acquiring an additional 2.37 per cent. The company has acquired 67.53 lakh shares representing 2.37 per cent stake in Tata Communications through an inter se transfer of shares, Tata Communications said in a disclosure to the Bombay Stock Exchange.
Inter se transfer refers to transfer of shares between or among group companies. With this acquisition the Tata Sons now holds 3.10 crore shares representing 10.88 per cent in Tata Communications, the filing added. According to the latest shareholder pattern available on the stock exchanges, the promoter group firms together hold over 76 per cent in the company firm.
For the quarter ended September 30, 2008, other promoter group firms in Tata Communications include, Panatone Finvest which holds 40.70 per cent, Tata Power (0.90 per cent) and Government of India (26.12 per cent).
Shares of the company were trading at Rs 505.65, down 1.19 per cent on the BSE
source: Economictimes
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