Tata Steel Sheds Stake in Tata Motors
DSIJ Intelligence / 23 Jun 2017
Tata Steel had earlier proposed to sell approximately 8.36 crore equity shares of face value of Rs 2 each of Tata Motors to Tata Sons Limited.
During Friday’s opening session, Tata Steel sold 2.9% in Tata Motors to Tata Sons as proposed earlier. The deal was worth Rs 3,785 crore.
The proceeds of the stake sale will be used to reduce the steel-makers Rs 72,367 debt as of March, a national news agency reported.
Tata Motors witnessed an 8.3 crore shares block deal worth Rs 3,785 crore at Rs 453.10 per share on the BSE.
Tata Steel had earlier proposed to sell approximately 8.36 crore equity shares of face value of Rs 2 each of Tata Motors to Tata Sons Limited.
At Rs 509 per share, Tata Steel is trading lower by Rs 5 per share or 1%, and the auto manufacturing, Tata Motors is trading at Rs 452 per share lower by Rs 0.60 per share or 0.13% on the NSE at 0941 hours.
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