Tata Comm gains 3 per cent on STT Tai Seng divestment
Tata Communications International, a wholly-owned subsidiary of Tata Communications in Singapore, has divested its 26 per cent stake in STT Tai Seng.
STT Tai Seng, operates data centre business in Singapore. Tata Communication sold the business to STT APDC, which is a wholly-owned subsidiary of STT GDC at an agreed consideration based on fair market value and market conditions.
This divestment stands in line with the company’s strategy to evolve the business portfolio by focusing on offering digital infrastructure services through the Growth and Innovation Services portfolio, complementing an asset-light growth model. Tata Communications continues to maintain 26 per cent 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.
On Friday, the shares of Tata Communication opened at Rs. 490 per share against Thursday’s close of Rs. 490.35. At closing hours, the stock was trading at Rs. 493, which is 0.99 per cent or Rs. 4.85 higher than the previous close. It's intraday high was Rs. 504 and low was Rs. 488 per share on the BSE. The 52-week high stood at Rs. 626.65 and 52-week low was at Rs. 435.95 per share on the BSE.