Tata Communications to hive off its property holdings into a separate company

Tata Communications Limited will hive off its property holdings into a separate company soon, and it will be listed subsequently. The value of the company’s 773 acres of land parcels is pegged at about Rs 75 billion or Rs 263 per share. The spinoff should take place soon as there is an in-principle agreement among the involved parties. Existing shareholders, including the Indian government (which holds a 26 per cent in Tata Communications), will get shares in the newly listed entity.