Govt planning to offload remaining Tata Communications stake

The Indian government has sought bids from banks for the sale of its full shareholding of 26.12% in telco Tata Communications – previously known as Videsh Sanchar Nigam Limited (VSNL) – the Economic Times reports. According to the paper, the government is planning to divest the stake during the current financial year via an Offer for Sale (OFS) mechanism, with any remaining shares to be acquired by strategic partner Panatone Finvest.