Tata Sons, the holding company of country's second-biggest industrial group, bought 7.3 per cent of Praj Industries for Rs 340 crore ($86 million) to expand its business of making fuel from plants. | |
| The founder of Praj Industries and his family sold 13.42 million shares to Tata Sons, Pune, western India-based Praj Industries said in an e-mailed statement today. |
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| "In the larger interest of the shareholder, the founders sold their own stake instead of selling new shares," Vinati Moghe, spokeswoman for Praj Industries, said today by telephone from Pune. |
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| Phone calls to Christabelle Noronha, a spokeswoman for Tata Sons, weren't answered. |
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| Pramod Chaudhari, the chairman and founder of Praj Industries, owns 20 per cent after the sale. |
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| Praj Industries rose Rs 2.15, or 0.8 per cent, to Rs 250.4 at 12:32 pm local time on the Bombay Stock Exchange. |
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