Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Tata Sons to buy Tata Steel stake in Tata Motors on or after 23 June
BackBack

Tata Sons to buy Tata Steel stake in Tata Motors on or after 23 June

Tata Sons will buy about 83.6 million shares in Tata Motors at or around the prevailing price of the stock on the date of the planned acquisition

Tata Sons owned 28.71% of Tata Motors at the end of March, while Tata Steel owned 2.9% in the vehicle maker. Photo: ReutersPremium
Tata Sons owned 28.71% of Tata Motors at the end of March, while Tata Steel owned 2.9% in the vehicle maker. Photo: Reuters

Mumbai: Tata Sons Ltd, the holding company of India’s salt-to-software Tata conglomerate, plans to buy out Tata Steel Ltd’s stake in Tata Motors Ltd on or after June 23, it said in a regulatory filing on Saturday.

Tata Sons will buy about 83.6 million shares in Tata Motors at or around the prevailing price of the stock on the date of the planned acquisition, it said in the filing. It cited “restructuring of investment portfolio" as the reason for the planned deal.

Tata Motors shares closed at Rs455.75 in Mumbai trading on Friday.

Tata Sons owned 28.71% of Tata Motors at the end of March, while Tata Steel owned 2.9% in the vehicle maker. Tata Sons owned 29.75% of Tata Steel at the end of March, while Tata Motors owned a 0.46% stake in the steelmaker, according to stock exchange data.

Indian media have reported that Tata Sons planned to reduce crossholdings among group companies. Reuters

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 17 Jun 2017, 01:51 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie