Tata Sons hikes stake in Tata Comm to 10.88%

Tata Sons hikes stake in Tata Comm to 10.88%

Mumbai: Tata Communications on Monday said that Tata Sons, one of its promoter group firm, has raised its stake in the company to 10.88% by acquiring an additional 2.37%.

It has acquired 67.53 lakh shares representing 2.37% stake in Tata Communications through an inter se transfer of shares, Tata Communications said in a disclosure to the Bombay Stock Exchange (BSE).

Inter se transfer refers to transfer of shares between or among the group companies.

With this acquisition the Tata Sons now hold 3.10 crore shares representing 10.88% 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% in the company firm.

For the quarter ended 30 September, 2008, other promoter group firms in Tata Communications include, Panatone Finvest which holds 40.70%, Tata Power (0.90%) and Government of India (26.12%).

Shares of the company were trading at Rs505.65, down 1.19% on the BSE.