Tata Communications International Pte Ltd (TCIPL), a wholly owned subsidiary of Tata Communications Ltd in Singapore, has informed that TCIPL has divested its 26% stake in STT Tai Seng Pte Ltd (STT Tai Seng), which operates the data centre business in Singapore, to STT APDC Pte Ltd, a wholly-owned subsidiary of STT GDC Pte Ltd (STT GDC) at an agreed consideration based on fair market value and changing market conditions.
This divestment is in line with our strategy to evolve the business portfolio by focussing on offering digital infrastructure services through the Growth and Innovation Services portfolio, complementing an asset light growth model.
Tata Communications Limited continues to maintain 26% stake in the India Data Centre business of STT GDC and the Company continues to benefit from the rub off effect on its network services due to this investment.
Shares of TATA COMMUNICATIONS LTD. was last trading in BSE at Rs.493 as compared to the previous close of Rs. 488.15. The total number of shares traded during the day was 20223 in over 706 trades.
The stock hit an intraday high of Rs. 504.8 and intraday low of 488. The net turnover during the day was Rs. 10021792.