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| Tata Motors sells half its holding in Tata Steel to Tata Sons |
| BS Reporter / Mumbai Sep 15, 2009, 00:54 IST |
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Tata Motors, India largest truck maker, raised Rs 236.5 crore on Monday by selling nearly half of its current investment in group firm Tata Steel. In a block deal on the Bombay Stock Exchange, the company sold five million shares of Tata Steel to group holding firm Tata Sons for Rs 473 a share.
Earlier in June, Tata Motors had sold 11 million shares of Tata Steel to Tata Sons for Rs 457 crore. Now, Tata Motors is left with 5.44 million shares of Tata Steel. Tata Motors, acquired the Jaguar and Land Rover brands from Ford Motor Company last year. It had earlier announced it would monetise its investment to meet the repayment requirements.
On Monday, the stock of Tata Motors closed two per cent higher to Rs 561.8 a share and Tata Steel’s stock gained 2.12 per cent to Rs 479 a share. The Sensex the benchmark index of the exchange, was down by 0.31 per cent to 16,214 on the day.
Tata Sons had also bought 0.81 million shares of Titan Industries from Tata Chemicals for Rs 100 crore on Friday. The group holding firm has been increasing its holding since the downturn pulled down the stock prices of group firms.
S&P raises credit rating of Tata Power
Standard and Poor’s Ratings Services has revised its outlook on the corporate credit ratings on Tata Power Company to positive from stable and affirmed its ‘BB’ corporate credit rating and long-term senior unsecured debt rating on the company.
The agency said it revised the outlook on Tata Power considering the significant progress made by the company on its two key projects, the 4,000 Mw Mundra project and the 1,050-Mw Maithon project, and the strengthening of its business position, said a press release.
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