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Tata Sons To Buy Tata Steel Stake In Tata Motors

18 June 2017 4:20 AM
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Tata Sons To Buy Tata Steel Stake In Tata Motors

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.

Tata Motors shares closed at 455.75 rupees in Mumbai trading on Friday.

Tata Sons owned 28.71 percent of Tata Motors at the end of March, while Tata Steel owned 2.9 percent in the vehicle maker.

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

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Also read: Tata Sons to buy Tata Steel's Rs 3,800-cr holding in Tata Motors

Source: profit.ndtv.com

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