Tata Comm to finally hive off surplus land

Tata Communications opened 8  per cent  higher on Thursday after the company announced the start of a process to hive off over 700 acres of its surplus land.

The board of Tata Communications approved demerger of around 773 acres of surplus land to a separate company and listing it subsequently with existing stakeholders, including the Government of India. This ends the 15 year long wait for minority shareholders of Tata Communications, including the government, who will now receive the benefit of the surplus land.

Tata Communications, formerly called VSNL, is a global provider of telecommunications solutions and services.

At 12:19 hours, Tata Communications was trading at Rs. 707.25 per share, up Rs. 10.85, or 1.56 per cent on the NSE. The scrip opened at Rs. 754 and touched a high and low of Rs. 754 and 701.20, respectively. The stock has a 52 week high and 52 week low of Rs. 783.90 and 570.45, respectively. The stock attracted a traded volume of 9,94,003 shares on NSE.