Tata Motors to sell shares worth Rs2,000 crore in block trade
1 min read . Updated: 18 Sep 2017, 11:28 PM ISTAccording to a media report, Tata Motors is selling shares equivalent to around 1.7% stake to an undisclosed buyer
Mumbai: Tata Motors Ltd is selling shares worth up to Rs2,000 crore in a block trade, two people aware of the development said.
On Monday, Bloomberg reported that Tata Motors was selling shares equivalent to around 1.7% stake to an undisclosed buyer, citing a term sheet.
According to Bloomberg, Tata Motors is selling the shares for a price of Rs421.56 crore.
Citibank is the sole advisor for the share sale, said the people cited above.
Shares are being sold at a 4% premium to the stock’s closing price on Monday.
Shares of Tata Motors Ltd closed on Monday at Rs405.35, up 1.02% on the BSE, while the benchmark Sensex closed at 32,423.76 points, up 0.47%.
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