Mumbai: Tata Sons Ltd, promoter of the Tata Group companies, has bought ₹ 312 crore worth of Titan Co. Ltd shares from Tata Global Beverages Ltd, as Tata Sons intends to consolidate its ownership of operating firms.
In its filing to the stock exchanges, Tata Global Beverages said it has sold 9.25 million shares, or 1.04% stake, of Titan through a block deal transaction executed on BSE.
The shares were sold at ₹ 337.70 apiece.
After this market transaction, Tata Sons’s stake in Titan has gone up to 20.84%. Tata Sons is stepping in to buy stakes of other companies, too, as part of the consolidation.
In August, Tata Sons said it would acquire a 2.18% stake in Titan, held by Tata Steel Ltd, for around ₹ 680 crore.
The group has done this at least once in the past. In 2009, Tata Motors Ltd sold a 1.5% stake in Tata Steel to Tata Sons and another group company for around ₹ 457 crore.
About 66% of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family.
The largest of these trusts are the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which were created by the families of the sons of Jamsetji Tata, the founder.