Tata Steel sells stake in Tata Motors to Tata Sons

Xavier Trudeau
Juin 26, 2017

Tata Steel on Friday said it has sold nearly all of its stake in Tata Motors to Tata Sons for more than Rs 3,780 crore.

Prior to this, Tata Steel held roughly 2.9 per cent stake in Tata Motors, with share prices on BSE at Rs 453.10 per share.

With Friday's selling, Tata Steel has completely exited from Tata Motors.

According to bulk deal data available with the stock exchange, Tata Sons has purchased a total of 8,3,537,697 shares, amounting to 2.89 per cent stake, of Tata Motors.

Tata Teleservices, the second telco after Anil Ambani-led Reliance Communications to seek debt restructuring after the launch of Reliance Jio Infocomm, the Mukesh Ambani outfit, saw a Rs11,650 crore erosion in its net worth in 2016-17, banking sources said.

Earlier in May, a Kotak Institutional Equities note said a reduction in cross-holdings within the Tata Group will result in unlocking of value for listed entities, benefiting companies such as Tata Power, Tata Chemicals, Tata Global and Tata Motors by allowing them to lower their debt and interest expenses.

Tata Sons owned 29.75 per cent of Tata Steel as of March-end, while Tata Motors owned just 0.46 per cent of the the steel major.

D'autres rapports CampDesrEcrues

Discuter de cet article

SUIVRE NOTRE JOURNAL