Tata Communications on Friday said its promoter Tata Sons
will divest 0.96 per cent stake, comprising 27.5 lakh shares, in the company through offer for sale on June 3 to meet the minimum public shareholding norms.
Market regulator Sebi's norms require all listed private sector companies to have at least 25 per cent public shareholding by June 30.
"Tata Sons Limited, the promoter of Tata Communications Limited, ... proposes to sell an aggregate of 2,750,000 equity shares of Rs 10 each representing 0.96 per cent of the equity share capital of the company...on June 3, 2013 at 9.15 am and shall close on the same day at 3.30 pm," the company said in a filing to the BSE.
The share sale will take place through the seller's brokers on the separate window provided by the stock exchanges for this purpose, the filing added.
As per BSE, promoters hold 76.15 per cent equity in the company as on March 2013.
Shares of the company today closed at Rs 206.90 apiece, down 2.29 per cent on the BSE.