At Tata Communications, tomorrow, 18th Sept is the record date for determining the shareholders who shall be eligible to receive the equity shares of Hemisphere Properties India (HPIL). And today, it turns ex or ex-demerger. This is the reason why the stock price has hit the 5% UC of Rs.273 today on the BSE. There remained pending buy orders to the tune of 1.4 million shares on BSE and NSE combined.
As per the demerger plans announced in August, Tata Communication will transfer the surplus land to HPIL after consequent issue of equity shares by HPIL to the shareholders of the company – the ratio is one share of HPIL for every one share held of Tata Communications.
Post this, there would be the transfer of equity shares of HPIL allotted to Panatone Group Companies (collectively Panatone, Tata Sons Limited and Tata Power Company Limited) to the erstwhile shareholders of the company who had tendered shares in the open offer by Panatone and to the Government of India.