Meanwhile, the S&P BSE Sensex was down 184.78 points, or 0.94%, to 19,575.52.
On BSE, 62,000 shares were traded in the counter as against an average daily volume of 16,740 shares in the past one quarter.
The stock hit a high of Rs 207 and a low of Rs 191.50 so far during the day. The stock had hit a 52-week high of Rs 266.35 on 26 July 2012. The stock had hit a 52-week low of Rs 201.60 on 19 June 2012.
The stock had underperformed the market over the past one month till 31 May 2013, sliding 9.31% compared with the Sensex's 1.31% rise. The scrip had also underperformed the market in past one quarter, falling 7.20% as against Sensex's 4.77% rise.
The mid-cap company has an equity capital of Rs 285 crore. Face value per share is Rs 10.
Tata Communications' promoter Tata Sons has offered 0.96% stake, comprising 27.50 lakh shares, in the company through offer for sale (OFS) route on the stock exchanges today, 3 June 2013, to meet Sebi's minimum public shareholding norms. The OFS opened at 9.15 IST today, 3 June 2013 and it will close at 3.30 IST.
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As at 14:25 IST, the OFS got bids for 2.44 lakh shares, compared with 27.50 lakh shares on offer, as per data from the stock exchanges. The OFS was subscribed 8.89% at an indicative bid price of Rs 173.05 per share. Stock exchanges will declare the floor price after trading hours today, 3 June 2013, post closure of the OFS.
As on 31 March 2013, promoters held 76.15% stake in Tata Communications. Tata Sons held 14.22% stake in the company.
The OFS is aimed at complying with the minimum public float rule. Market regulator Securities & Exchange Board of India (Sebi) has mandated minimum public shareholding of 25% for private companies and 10% for state-run firms. As per the Sebi mandated minimum public shareholding rule, private-sector companies must cut founders' stake to adhere to the rules by 30 June 2013.
On a consolidated basis, Tata Communications reported a net loss of Rs 5.20 in Q4 March 2013, lower than net loss of Rs 260.94 crore in Q4 March 2012. Net sales rose 11.1% to Rs 4400.46 crore in Q4 March 2013over Q4 March 2012.
Tata Communications along with its subsidiaries is a leading global provider of a new world of communications. The Tata Global Network includes one of the most advanced and largest submarine cable networks, a Tier-1 IP network, with connectivity to more than 200 countries across 400 PoPs, and nearly 1 million square feet of data center and collocation space worldwide. The company has strategic investments in South Africa (Neotel), Sri Lanka (Tata Communications Lanka) and Nepal (United Telecom).
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