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

IANS March 27, 2018 12:08:35 IST
Tata Power board approves stake sale in Tata Communications, Panatone Finvest

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.

Tata Power board approves stake sale in Tata Communications Panatone Finvest

Tata Power board approves stake sale in Tata Communications, Panatone Finvest. Reuters image.

"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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