Tata Communications is in the process of simplifying the existing layered structure and moving Tata Communications (UK) (TC UK), step down wholly-owned subsidiary, directly under the ownership of the company. With the shares held by Tata Communications (Netherlands) B.V. being cancelled, the company will remain the sole shareholder of TC UK.
In this regard, the Board of Directors of TC UK at their meeting held yesterday i.e., 25 September 2024, considered and approved a proposal for reduction of TC UK's issued share capital from USD 12,216,567.42 divided into 7,541,091 fully paid-up shares of USD 1.62 each to USD 1,686,562.56 divided into 1,041,088 fully paid-up shares of USD 1.62 each by cancelling 6,500,003 shares of USD 1.62 each, registered in the name of or otherwise held by Tata Communications (Netherlands) B.V., an indirect wholly-owned subsidiary of Tata Communications (Share Cancellation).
Approval for the said capital reduction has also been received from UK Secretary of State in accordance with the UK National Security and Investment Act 2021.
Upon consummation of the aforesaid Share Cancellation and completion of subsequent regulatory compliance(s), if any, TC UK would become a direct wholly-owned subsidiary of Tata Communications.