Telecommunications services provider Tata Communications today sold part of its stake in group company Tata Teleservices for Rs 424 crore.
Tata Communications has a 15 per cent stake in Tata Teleservices. Japanese telecom major NTT Docomo is buying a 26 per cent stake in TTSL.
"The company has received an amount of about Rs 424 crore pursuant to sale of its partial holdings in Tata Teleservices Ltd," Tata Communications said in a regulatory filing to the Bombay Stock Exchange.
Of the 15 per cent stake that Tata Communications holds, it would be selling 0.6 per cent to the Japanese company.
Tata Communications did not reveal the size of its stake it sold in TTSL.
Shares of Tata Communications jumped as much as 3.6 per cent to touch an intra-day high of Rs 531 on the BSE. It was later trading at Rs 524.50, up 2.39 per cent.
