Tata Power hikes stake in Tata Comm to 2.48%

Telecom major Tata Communications today said one of its promoter Tata Power has hiked its stake to 2.48 per cent from 0.90 per cent by purchasing shares worth Rs 195.30 crore through open-market transaction. In a disclosure on the Bombay Stock Exchange, the company said that on February 16 Tata Power purchased 45 lakh shares representing 1.56 per cent. The said purchase would have cost Rs 195.30 crore to the promoters calculated on the basis of the closing price of Rs 434 on February 16. Prior to the said transaction, Tata Power had over 25.75 lakh shares, representing 0.90 per cent, which increased to over 70.75 lakh shares, or 2.48 per cent stake, in the company, the filing added.