It is reported that TATA Motors has raised INR 236.5 crore by selling 5 million shares it held in TATA Steel to the group’s holding company TATA Sons.
As per report TATA Steel shares were sold at INR 473 apiece through a block deal. TATA Steel stock rose by 2.5% to close at INR 491.25 on the Bombay Stock Exchange.
According to data collated from the BSE, after the block deal on Tuesday, TATAT Motors holds 5,440,882 shares less than 1% in TATA Steel.
In effect, the shareholding of the TATA group has not been affected by this transaction.
TATA Motors has been on a fund raising spree over the past few months to meet its working capital requirements and trim its debt. TATA Motors had pledged its entire holding of over 1.04 crore shares in TATA Steel last month.
Sourse From: http://www.steelguru.com/news/index/2009/09/17+09%3A38%3A07/MTEyMDc5/TATA_Motors_sells_stake_in_TATA_Steel_to_raise_cash.html
Thursday, September 17, 2009
TATA Motors sells stake in TATA Steel to raise cash
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