The non-retail portion of the Tata Communications’ offer for sale (OFS) was reportedly subscribed 1.36 times on the first day of the bidding. There were bids for 56 million shares from institutional investors as against 46 million shares put up on offer. The average bidding price by the non-retail investors was Rs 1,183.66.
Earlier the government had announced that it was considering selling 16.12 per cent stake in the company with a floor price of Rs 1,161.
As per industry analysts, investors with a high risk appetite and a long-term perspective can consider subscribing the OFS as the healthy performance of the company in terms of deleveraging and cash generation every passing quarter will help to erase the past of under-delivery on guidance.
