Tata Comm OFS: Bids placed for 56 mn shares against 46 mn on the block

Around 46 million shares of Tata Communications were offered under an offer for sale (OFS) on Tuesday as the Union government began divesting its stake in the company.

The government owns a 26 per cent stake in Tata Communications (earlier known as Videsh Sanchar Nigam Limited) and its exit from the digital ecosystem provider, is being seen as positive for the company as it will lift overhang from the stock and give strategic flexibility to the management. 

Investors placed bids for 56 million shares, the data provided by stock exchanges showed. The floor price for the OFS was fixed at Rs 1,161.