MUMBAI: The non-retail portion of the government’s offer for sale of a 16.2 per cent stake in Tata Communications was fully subscribed today, data available on the bourses showed.
At 2:45 PM, the non-retail quota received bids for 3,01,42,167 shares, as against the base issue size of 2,56,50,000 shares.
The company had said on Monday that the government would sell its 10 per cent stake in the company through a two-day offer for sale at a floor price of Rs. 1,161 with an option to sell an additional 6.12 per cent stake.
Prior to the offer for sale, the government held a 26.12 per cent stake in the Tata Group company.
The government has said that it will exit the remaining stake in the company after the OFS by selling it to the Tata Group before March 31.
Shares of Tata Communications were down 5.5 per cent at Rs. 1,223.05 on the National Stock Exchange.
