Tata Sons further hikes stake in Tata Steel

Tata Sons further hikes stake in Tata Steel

Mumbai: Tata Steel on Tuesday said the group’s holding company Tata Sons has bought 5.1 lakh shares, or 0.06 stake, of the company for 24.71 crore from open market to raise stake in the steel maker to 28.67%.

Tata Sons bought 5.1 lakh shares of Tata Steel held by group firm Tata Chemicals for 484.5 per share through open market transactions on 5 September , the steel maker said in a disclosure to the Bombay Stock Exchange (BSE).

Prior to the transaction, Tata Sons had 28.61% stake in Tata Steel. After this, its stake in Tata Steel has risen to 28.67%.

Tata Sons now holds around 27.5 crore shares in Tata Steel.

Tata Chemicals held 42.51 lakh shares representing 0.44%stake in Tata Steel at the end of the June quarter.

Tata Sons had bought 10.44 lakh shares, or additional 1%, stake in Tata Steel between 16 August and 19 August through open market transactions, hiking its stake to 28.61%, Tata Steel had informed BSE on 2 September.

As on June-end, Tata Sons had 28.5% stake in Tata Steel.

Shares of Tata Steel closed at 494.05 per share at BSE, down 0.12% over the previous day’s closing.