C Sivasankaran, serial entrepreneur holding 3.75 per cent stake in Tata Teleservices Limited is planning to sell his stake in the company, say news reports.
Sivasankaran owns 274.6 million shares in the company through Siva Industries and Holdings, SIG Event Management and Enterprises and Goldman Dealer Private Limited.
Sivasankaran has appointed investment bank JM Financial to find a potential buyer. The bank has started the process of looking for a potential buyer by reaching out to private equity funds and hedge funds.
The Siva Group bought eight per cent stake in Tata Teleservices Limited in 2006 for Rs 10 to Rs 12 billion. In 2009, Sivasankaran sold a part of his eight per cent stake in Tata Teleservices Limited to the operator?s strategic partner Tata DOCOMO.
