Mumbai: Tata group firm Indian Hotels Company Ltd on Tuesday said Tata Sons is buying out 6.64% stake of the company from three family held trusts as part of restructuring its investment portfolio.
In a filing to the NSE, the hospitality firm which runs the Taj chain of hotels, said Tata Sons Ltd, the promoter of Indian Hotels, will acquire shares of Sir Dorabji Tata Trust, Lady Tata Memoral Trust and Sir Ratan Tata Trust.
According to the filing, the reason for the proposed sale is “restructuring of investment portfolio."
The shares are proposed to be acquired at or around the prevailing price on the date of the proposed acquisition that is on or before 13 March, 2018, the filing said.
Shares of Indian Hotels closed at Rs133.75 per piece, down by 0.30% while Sensex was down by 1.27% at 33,317.20 points from the previous close.