Tata Comm starts ringing
Tata Communications is amongst the top gainers on the BSE, up almost 4% at Rs.202, with an intra day high at Rs.204.90. Volumes are pretty robust at 44,000 shares traded today morning compared to 30,000 shares over past two weeks.
The stock is up strongly in the green after its Offer For Sale (OFS) met with a very good response, especially at a time when others barely managed to get even a 50% response. The company’s OFS was subscribed 1.56 times, getting 43.05 lakh bids. The indicative price is at Rs.174.41/share compared to the floor price of Rs.196/share.
The main promoter of the company, Tata Sons is divesting 0.96% stake in the company, comprising 27.50 lakh shares. This is to meet the SEBI’s requirement of minimum holding. Promoters, as at 31st March 2013 held 76.15% stake.