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  Business   Companies  17 Jun 2017  Tata Sons to buy Tata Steel stake in Tata Motors

Tata Sons to buy Tata Steel stake in Tata Motors

REUTERS
Published : Jun 17, 2017, 2:56 pm IST
Updated : Jun 17, 2017, 2:56 pm IST

Tata Sons will buy about 83.6 million shares in Tata Motors at or around prevailing price.

Tata Sons N Chandrasekaran.
 Tata Sons N Chandrasekaran.

New Delhi: 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 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.

Tags: tata sons, tata steel, tata motors, tata steel stake, ratan tata, n chandrasekaran, tata moto shares
Location: India, Delhi, New Delhi