 "Tata Power sells stake in Panatone Finvest to Tata Sons for Rs 15.42 bn")
Tata Power on Friday said it had sold its stake in Panatone Finvest to Tata Sons for Rs 15.42 billion. The company also entered into an agreement with Panatone for sale of its stake in Tata Communications for Rs 6.13 billion, it said in a statement.
"The company has entered into a share purchase agreement with Tata Sons for sale of 590,882,000 equity shares in Panatone Finvest, representing 39.98 per cent in Panatone and has also entered into a share purchase agreement with Panatone for sale of 13,396,200 equity shares in Tata Communications, representing 4.7 per cent in Tata Communications," the company said.
Both of these transactions, the company said, was subject to shareholders' approval. Panatone is a subsidiary of Tata Sons, which is the promoter of Tata Power. The power producer had earlier said it would look to divest non-core investments made by the company.
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