2000-Crore Stake In Tata Motors

20 September, 2017, 04:54 | Author: Leticia Walters
  • As of June 2017 Tata Sons holds 31.6% 19.35% and 23.5% stake in Tata Motors Tata Chemicals and Tata Global Beverages respectively

Tata Sons on Tuesday increased its stake in Tata Global Beverages by buying over 4.31 crore equity shares from Tata Chemicals at Rs 213.35 per share aggregating over Rs 921 crore.

Tata Chemicals, Tata Motors, Tata Global Beverages and Royal Orchid Hotels are among the other stocks to see a surge in volumes on BSE today, 19 September 2017.

About 35.4 million shares change hands in multiple block deals on the BSE.

Meanwhile, the stock gained 2.37% at Rs 657.75 per share on BSE attracting a total traded quantity of 106.30 lakh shares.

India's biggest conglomerate is looking to boost its ownership over time in five of its largest businesses, which includes not just Tata Motors, but also Tata Steel.

Similarly, TGBL said it has sold 1,04,80,000 equity shares of face value of Rs 10 each of Tata Chemicals Ltd (TCL) constituting 4.11 per cent of the issued capital of TCL to Tata Sons through open market transaction.

Tata Sons Ltd has bought shares worth Rs5,383 crore in the four months from June to September as it seeks to shore up its holding in group companies and disentangle cross-holdings. The stock jumped 4.95% at Rs 86.90. The Tata Global stock, too, jumped after the deal was executed, closing 1.2% higher at Rs 216. It bought Tata Global shares worth Rs921.14 crore from Tata Chemicals. Sebi rules state that if both the buyer and seller entities are related to the promoter, then the buyer is exempted from making an open offer, provided both the parties have been holding the target company's shares for three years, have made proper disclosures and that the acquisition price is not more than 25% of the target company's 60-day average trading price. Tata Sons had once said that it would like to hold 50% in operating companies.

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