Tata Communication gets DOT nod to sell surplus land; stock up 8%
Shares in Tata Communication surged on reports that the company has received nod from the department of communication (DoT) to hive off 770 acres surplus land held by the company.
By ET Online | Updated:
NEW DELHI: Shares in Tata Communication surged on reports that the company has received nod from the department of communication (DoT) to hive off 770 acres surplus land held by the company.
The Telecom Commission proposed taking slightly more than a 51% stake in a special-purpose vehicle that will hold the divested land reserves.
Most of the analysts have put a valuation of Rs 107-110 per share for the surplus land which is valued roughly at Rs 6100 crore.
Tata Group has created Hemisphere Prop India (HPIL) with 25 lakh authorized capital. The government is expected to pick up majority stake in Hemisphere Properties and proceeds will go to govt and public shareholders.
Now that Telecom Commission has approved the deal the proposal will go to Cabinet as investment is required by the government. The value
At 02:30 PM, share in Tata Communication Ltd were trading 8.2% higher at Rs 217.65.
The Telecom Commission proposed taking slightly more than a 51% stake in a special-purpose vehicle that will hold the divested land reserves.
Most of the analysts have put a valuation of Rs 107-110 per share for the surplus land which is valued roughly at Rs 6100 crore.
Tata Group has created Hemisphere Prop India (HPIL) with 25 lakh authorized capital. The government is expected to pick up majority stake in Hemisphere Properties and proceeds will go to govt and public shareholders.
Now that Telecom Commission has approved the deal the proposal will go to Cabinet as investment is required by the government. The value
At 02:30 PM, share in Tata Communication Ltd were trading 8.2% higher at Rs 217.65.
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