Gold Silver Reports (GSR) – Tata Communications Gain As Cabinet Clears Equity Infusion Into Hemisphere Properties — Shares of the Mumbai-based telecom service provider rose as much as 2.5 percent to Rs 653.80 after the Cabinet cleared transfer of administrative control of Hemisphere Properties India Ltd. from the telecom ministry to the housing and urban development ministry after equity infusion of Rs 700 crore and Rs 51 crore secured loan into the company.
As a special purpose vehicle, HPIL is managing the transfer of surplus land from Tata Communications, formerly VSNL, to the government. The decision brings about one-and-half decade old case in its final lap.
Read More: Indranil Sengupta, Chief Economist- India, BofAML
The transfer will be executed after infusion of equity amounting to Rs 700 crore, and Rs 51 crore secured loan from government into the company and implementation of scheme of arrangement for demerger of surplus land, it said. – Neal Bhai Reports (NBR) INDIA
