Tata Teleservices (Maharashtra) Ltd (TTML) on Friday said its promoter Tata Sons has cancelled the
offer to divest 2.72 per cent stake in the company that was aimed at meeting the minimum public shareholding norms.
The firm had announced on Wednesday that Tata Sons will sell 51,623,679 shares representing 2.72 per cent of the equity capital of the company on May 17.
In a filing to the BSE, TTML said: "Tata Sons Limited has now informed BSE that they have decided to cancel the sale in full."
Tata Sons had informed BSE through a notice dated May 15, 2013 to sell shares not exceeding 51,623,679 shares of Rs 10 each of TTML representing approximately 2.72 per cent of the paid up equity share capital of the Company, it added.
The Securities and Exchange Board of India (Sebi) norms require all listed private sector companies to have at least 25 per cent public shareholding by June 30.
As per the BSE, promoters currently hold 77.72 per cent stake in the company while 22.28 per cent is held by public.
TTML scrip fell 8.58 per cent to close at Rs 8.10 from its previous close at the BSE.
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