Tata Teleservices (Maharashtra) Ltd (TTML) on Wednesday said its
promoters Tata Sons will divest 2.72 per cent stake in the company through offer for sale on May 17 to meet the minimum public shareholding norms.
Market regulator Sebi's norms require all listed private sector companies to have at least 25 per cent public shareholding by June 30.
"Tata Sons Ltd, the promoter of Tata Teleservices (Maharashtra) Ltd, proposes to sell an aggregate of 51,623,679 equity shares of Rs 10 each representing 2.72 per cent of the equity capital of the company as on date exclusively through the Seller's broker provided by the stock exchanges for this purpose," the company said in a filing to the BSE.
The stake sale will take place on BSE and NSE.
Sebi recently relaxed norms for TTML's offer for sale of shares by promoters.
Sebi has communicated to the company about the relaxations which include "two successive offers (for sale of shares) with a gap of minimum three days" while relaxing the restrictions with respect to 12-week cool-off period.
The regulator has also relaxed the maximum allocation limit of 25 per cent of the size of the offer for sale to a single investor.
"The sale shall take place on the separate window of the stock exchanges and shall commence on May 17, 2013 at 9.15 am and shall close on the same day at 3.30 pm," the filing added.
As per BSE, promoters currently hold 77.72 per cent stake in the company while 22.28 per cent is held by public.
The company scrip closed at Rs 8.91, down 0.34 per cent on the BSE.
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