Tata Steel Announces to Sell 8.36 crore equity shares of Tata Motors
DSIJ Intelligence / 19 Jun 2017
Flagship steel-maker Tata Steel on Saturday announced that it proposes to sell approximately 8.36 crore equity shares of face value Rs 2 each of Tata Motors to Tata Sons Limited.
Flagship steel-maker Tata Steel on Saturday announced that it proposes to sell approximately 8.36 crore equity shares of face value Rs 2 each of Tata Motors to Tata Sons Limited.
The transaction is expected to be executed on or after June 23, 2017.
The steel major will sell share worth up to Rs 8,825 crore in Tata Motors to their parent company. Tata Sons will gain another 2.85% stake in Tata Motors through the inter-promoter share transfer.
After the deal is completed, Tata Sons will hold 31.06% of voting rights in Tata Motors.
A leading news agency reported that the proceeds of the stake sale will be used to reduce the steel makers Rs 72,367 debt as of March.
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