New Delhi: Tata Sons chairman N Chandrasekaran met communications & IT minister Ravi Shankar Prasad on Thursday as the government prepares to divest its entire stake in Tata Communications, formerly known as VSNL.

Chandrasekaran also met telecom secretary Anshu Prakash, a person familiar with the matter said.

Part of the government’s shareholding of 26.12% in Tata Communications will be offered through an offer for sale and the remainder, including any leftover portion in the offer for sale, will be offered to Panatone Finvest.

Among others discussion points, Chandrasekaran is reported to have offered to buy a minimum 10% of the government’s stake in Tata Communications, whichcould go as high as the entire stake.

Tata Sons couldn’t be immediately reached for comment.

The promoters hold 74.99% in Tata Communications. Of this, the government holds 26.12 %, Panatone Finvest holds 34.8% and Tata Sons holds 14.07%. The remaining 25.01% is with the public.

Three weeks back, the Department of Investment and Public Asset Management said it had shortlisted 11 merchant bankers to manage the sale of the government’s 26.12% stake in Tata Communications.

Goldman Sachs, JM Financial and Axis Capital are in the race to manage the sale of stake in Tata Communications through an offer for sale and a strategic sale by March 20.

Other merchant bankers in the fray are ICICI Securities, Credit Suisse Securities, IDBI Capital Markets, Kotak Mahindra Capital, SBI Capital Markets, IIFL Securities, Yes Securities and Elara Capital.

VSNL was privatised in 2002 by divesting a 25% shareholding and management control to Panatone Finvest Ltd, an arm of Tata Sons. After the strategic disinvestment, the company’s name was changed to Tata Communications.

Additionally, the Tata Group and the government are set for another legal battle over the quantum of adjusted gross revenue dues of Tata Teleservices. The Tatas, Bharti Airtel and Vodafone Idea, have filed separate pleas in the Supreme Court, alleging errors made by the telecom department in calculating the dues.

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