New Delhi: VSNL has been buzzing in anticipation that the company is close to selling its property in Pune, Kolkata, Delhi and Chennai.
The buzz in the market is that VSNL is likely to sell its surplus land. This buzz is mainly because of the fact that the promoter company, Panatone Finvest, has submitted a proposal of demerger, of this surplus land to the VSNL Board.
According to sources, government nominees in the board are likely to come back on this issue within a few days.
Analysts consider this to be a tricky issue.
"VSNL will not get anything from the sale of this surplus land. As and when the government and the VSNL board agrees to sell this land, the proceeds will go as per the shareholding agreement that was there when VSNL was divested, and Tatas picked up a 25 per cent stake. Therefore, it is murky, as to who will get what and in what proportion," says an analyst.
As on the September ended quarter, Tata Group holds 45% stake and the government holds a 26 per cent stake. The Indian public holds 3 per cent stake.
The shareholders who were holding the stock at the point when the open offer was made by the Tata Group for the VSNL shareholders, might get some of the proportionate money as well.
But on the whole, the buzz in VSNL is purely due to the probable approval that the VSNL board might get from the government.
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