STCI Finance acquires minority stake in Tulip Telecom

NEW DELHI: Bank of India controlled STCI Finance has acquired minority stake in Tulip Telecom for an undisclosed amount.

STCI Finance purchased 77.5 lakh shares accounting for 5.34 per cent stake in the company for an undisclosed amount, Tulip Telecom said in a filing to the BSE today.

Tulip Telecom is a data telecom service and IT solutions provider.

Securities Trading Corporation of India Limited (STCI) was set up as a subsidiary of Reserve Bank of India in May 1994, with the objective of fostering an active secondary market in the Government of India Securities and Public Sector bonds.

In 1997, RBI divested part of its holding and the share holding came down from 50.18 per cent to 14.41 per cent of the total paid up capital.

Bank of India became the largest shareholder of the Company. In 2002, RBI sold its remaining shareholding in the Company to the existing shareholders and BoI continued to be largest share hold in the company.

Shares of the Tulip Telcom today closed at Rs 113.25, up by 2.44 per cent from its previous close on the BSE.