Sebi relaxes norms for Tata Tele for offer for sale of shares

Sebi relaxes norms for Tata Tele for offer for sale of shares Mumbai: Tata Teleservices Monday said market regulator Sebi has relaxed norms for offer for sale of shares by promoters that will allow it to achieve the minimum level of public shareholding at 25 percent.

The company said it had sought relaxation in rules to meet the minimum public shareholding norms which require all private sector companies to have at least 25 percent public shareholding by June 30.

Sebi has communicated to the company about the relaxations which include "two successive offers (for sale of shares) with a gap of minimum three days" while relaxing the restrictions with respect to twelve week cool off period, the company said in a filing to the BSE.

The regulator has also relaxed the maximum allocation limit of 25 percent of the size of the offer for sale to a single investor.

"The promoter/promoter group of the company is allowed to sell the shares of the company up to 1 percent of the total paid-up share capital of the company on the floor of the stock exchange subject to certain conditions prescribed in the letter," it added.

As per BSE, promoters currently hold 77.72 percent stake in the company while 22.28 percent is held by public.

Shares of the company Monday closed at Rs 8.86 apiece, up 1.61 percent on the BSE.