Tata Group’s holding in Tata Communications has increased to 58.87 per cent after the government sold its partial stake to Tata Sons’ unit Panatone Finvest.

The government recently sold 10 per cent of its stake in Tata Communications, comprising 285,000 shares, to Panatone Finvest. The sale was made at the cost of Rs 1,189.19 per equity share, amounting to Rs 33.89 billion.

Prior to this, the government had sold 16.12 per cent stake through an offer for sale (OFS) to retail and non-retail investors at the floor price of Rs 1,161 per equity share.

The government has realised Rs 88.46 billion from sale of its entire stake in Tata Communications.