Till 10:06 am, a combined 105,000 equity shares had changed hands on the NSE and BSE. There were pending sell orders for 3.7 million shares on both the exchanges, data shows.
HPIL was formed as part of the disinvestment exercise carried out by the Government of India in respect of its holdings in the erstwhile VSNL (currently known as Tata Communications). In 2002, the Government of India conducted a disinvestment exercise in respect of 25 per cent of its shareholding in the equity share capital of VSNL, wherein in terms of the bid for the disinvestment required a separate value to be ascribed to lands to be retained with VSNL and to exclude the value of certain surplus lands, held by VSNL.
“HPIL currently own or have access to 739.69acres of land, transferred to Company in terms of the Scheme of Arrangement. The Surplus Land has been transferred as a part of the overall scheme of disinvestment of the erstwhile Videsh Sanchar Nigam Limited. Upon completion of the transfer, the Company will seek to develop and/or transfer the Surplus Land in accordance with the policies of the Ministry of Housing and Urban Affairs and our management,” according to information available at HPIL website.
The main object of HPIL is to acquire construct, hold, manage, develop, preserve and to deal in any other manner with the properties including sale and purchase thereof.
Currently, the Government of India holds 26.12 per cent stake, while Panatone Finvest and Tata Sons -- a Tata group companies collectively held 48.86 holding in HPIL. Foreign portfolio investors have 18.16 per cent stake and individual shareholders held 3.79 per cent holding, data shows.
The board of directors of HPIL, at its meeting held on February 18, 2020, had approved the allotment of HPIL’s shares to the shareholders of the Tata Communications on the record date in the ratio of 1 share of HPIL for every share of the Tata Communications. The stock of Tata Communication had already turned ex-date of spin-off on September 17, 2020.