Tata Power board approves stake sale in Tata Communications, Panatone Finvest
Tata Power on Monday said that its board has approved the sale of company's stake in Tata Communications and Panatone Finvest to Tata Sons and its affiliates, subject to shareholders approval
Mumbai: Tata Power on Monday said that its board has approved the sale of company's stake in Tata Communications and Panatone Finvest to Tata Sons and its affiliates, subject to shareholders approval.
"Panatone Finvest holds 30.1 percent of Tata Communications. As part of the company's plan to monetise its non-core assets and improve the balance sheet to set the stage for next phase of growth," the company said in a regulatory filing.
"The estimated realisation will be about Rs 2,150 crore and is subject to shareholders approval."
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It has outstanding loan of Rs 10,159 crore and lenders have stopped further disbursal due to non-viability of the project
The regulatory filings have not divulged details about the schedule of the extraordinary general meeting for the purpose
Shares of various Tata Group companies remained under pressure on Thursday as well, falling up to 2 percent in morning trade, after the National Company Law Appellate Tribunal (NCLAT) restored Cyrus Mistry as Tata Sons Chairman