Telecom service provider Tata Communications has sold part of its stake in group company Tata Teleservices to Japanese telecom major NTT Docomo for about Rs424 crore ($83 million).

NTT Docomo is buying a 26 per cent stake in TTSL.

Tata Communications has a 15 per cent stake in Tata Teleservices, in which Japanese telecom major NTT Docomo is buying a 26 per cent stake. Although Tata Communications did not reveal the size of the stake it sold in TTSL, market data shows the company has sold 0.6 per cent of Tata Tele equity to the Japanese company.

''The company has received an amount of about Rs424 crore pursuant to sale of its partial holdings in Tata Teleservices Ltd,'' Tata Communications said in a regulatory filing with the Bombay Stock Exchange (BSE).

Tata Communications is engaged in the business of providing global communication solutions and operates in the wholesale voice, enterprise and carrier data segments.

Meanwhile, Tata Group chairman Ratan Tata has exited the board of Tata Teleservices Maharashtra (TTML). 

"R N Tata shall cease to be the Chairman and Director of the company, effective from the close of business hours of March 23," TTML said in an earlier filing with the Bombay Stock Exchange.

Further, Kishore A Chaukar has been appointed as Non-executive Director and Chairman on the board of TTML, with effect from March 24, the filing said.

A R Gandhi shall cease to be the director on the board, it said, adding that Amal Ganguly has been appointed as an independent director.

Other directors on the board of TTML are: Anil Sardana, S Ramadorai, Mukul Govindrajan (managing director) and independent directors Ashok Jhunjhunwala, N S Ramachandran and Nadir Godrej. 

Shares of Tata Communications gained Rs11.9 (over 2.3 per cent) and was trading at Rs524.15 in late morning trdae on the BSE. Total volume of shares stood at 76,604 at the time.