Deals21 Mar 2024, 11:13 pm
Tata Communications Approves Hive-Off of Digital Services Business to Novamesh on Slump Sale Basis
AI Summary
The Board of Directors of Tata Communications Limited has approved the proposal to transfer its identified new edged digital services business to its wholly owned subsidiary, Novamesh Limited, as a going concern. The transaction is subject to various conditions and permissions. The hive-off is expected to be completed from April 1, 2024, and the consideration for the sale is INR 458 crores.
Key Highlights
- Tata Communications approves the hive-off of new edged digital services business
- Transaction to be done with wholly owned subsidiary Novamesh
- Sale price is INR 458 crores
- Expected completion date is from April 1, 2024
- The subsidiary's financials will form part of the consolidated financial statements