Experts expected its shares to be listed between Rs 165 and Rs 200.
The shares of Hemisphere Properties are listed at Rs 106 on the BSE today. It is an SPV (Special Purpose Vehicle) and is subsequently owned by VSNL. However, the experts expected that its shares could be listed between Rs 165 and Rs 200.
In February this year, Hemisphere Properties decided in a board meeting that allotment of shares in the ratio of 1: 1 would be allotted to shareholders of Tata Communications. The shares of Hemisphere Properties will be given to those shareholders of Tata Com who held shares of Tata Comm till 18 September 2019. In this listing, share holders of Tata Communications got shares in the ratio of 1: 1.
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Hemisphere Properties is an SPV formed by the government for disinvestment. The government created Hemisphere Properties to reduce its stake in VSNL (formerly a government company). We now know VSNL as Tata Communications Limited.
The government holds 51% stake in Hemisphere Properties, the company that owns VSNL’s land assets. At the same time, Tata Communications has a 4 percent stake in it. The total equity shares of the company are 28.5 crores. Apart from the government and Tata Communications, the minority shareholders of Tata Com have a 25 per cent stake and VSNL’s minority shareholders 20 per cent.
Talking about the value of the land of Hemisphere Properties, the company owns a total of 739.7 acres of land. The company’s Greater Kailash status of land is worth Rs 5000 crore. The company has 524 acres in Dighi-Pune, 58 acres in Chhatarpur-Delhi, 69.5 acres in Greater Kailash-Delhi, 35.2 acres in Halisahar-West Bengal and 53 acres in Padianallur-Chennai.
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