Monday 25 June 2018

Tata Sons to buy strategic steel unit stake from Tata Motors

MUMBAI, June 18, 2017

Tata Sons, the holding company of India's leading conglomerate, said it would buy 83.6 million shares (2.85 per cent stake) in Tata Motors from Tata Steel on or after June 23, said a report.

These shares of the automaker are currently valued at Rs3,809 crore, at the current market price of Rs 455.5 a share on the BSE, reported Business Standard.
In September 2015, Tata Steel sold 38.5 million shares of Tata Motors at Rs 324.6 to institutional investors. The same day, it sold an additional 37.9 million shares to parent Tata Sons for Rs 330 each.
The transaction together brought Rs 2,500 crore to Tata Steel. With today’s announcement Tata Steel will sell its complete holding in Tata Motors, said the report.

Tata Motors continues to hold 0.46 per cent stake in Tata Steel, which is valued at Rs 222 crore, it added.

After Tata Steel, the highest cross-holding is by Tata Power: A 4.7 per cent stake in Tata Communications valued at Rs 988 crore.

Tags: Stake | Tata Steel | Tata Motors | Tata Sons |

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