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Update: Tata Sons To Offload 2.84% Stake In Tata Teleservices Maharashtra

Update 3 (May 29): Tata Sons has submitted another notice of offer to the BSE, to sell 35 million equity shares (35,000,000 shares) of value Rs 10 each, representing 1.84% stake in TTML. The sale is expected to start on May 30, 2013 at 9.15 AM and close on the same day at 3.30 PM. Update 2 (May 21): Tata Teleservices Maharashtra (TTML) has informed (pdf) BSE that Tata Sons will be selling 1.9 million shares (1,89,71,968 shares), which accounts for 1% stake in TTML. The sale is expected to be completed by June 4, 2013. Update (May 17): Tata Sons has informed the BSE that it has cancelled the offer for sale, however it hasn't disclosed any specific reason for this cancellation. Earlier (May 16): Tata Teleservices Maharashtra Ltd (TTML) promoter Tata Sons has submitted a notice of offer to the Bombay Stock Exchange (BSE) to sell 51.62 million equity shares (51,623,679 shares) of value Rs 10 each, which accounts for 2.72% stake in TTML, through separate window provided by BSE and NSE for this purpose. The company has appointed Tata Securities as the broker for this sale and has informed that the sale will start at 9.15 AM on May 17, 2013 and will close on the same day at 3.30 PM. The allocation will be made on a price-priority basis i.e. bidders with the highest price will be allotted shares at multiple clearing prices in accordance with SEBI OFS (Offer For Sale) guidelines. TTML informed (pdf) that SEBI has permitted to undertake two successive offers within a time gap of three days and…

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