In another transaction, Tata Sons bought 37,63,292 shares in Tata Motors DVR 'A' Ordinary representing 0.74% percent of its total paid-up equity at an average price ₹56.02 per share aggregating to ₹29.71 crore.
As on 30 June, Tata Sons held 28.51% and 5.26% in Tata Chemicals and Tata Motors Ltd - DVR respectively. DVR stands for Differential Voting Right. Companies issue DVR shares to prevent any hostile takeover and dilution of voting rights. This also helps strategic investors who are looking at a big investment in a company, but with fewer voting rights. A Tata Motor DVR has 10% voting right as compared to an ordinary Tata Motor share.
Earlier this month, Tata Sons had bought 5.32 million of its DVR 'A' ordinary shares for ₹30 crore in open market transactions.
Shares of Tata Chemicals gained 4.69% to ₹292.50, while the benchmark index, Sensex lost 0.17% to 37,668.42 points and Tata Motors - DVR gained 2.81% to ₹60.40 on Wednesday on BSE.