Tata Steel to sell shares in Tata Motors worth up to Rs 1,250 cr

The shares are being offered to institutional investors in a range of Rs 324.50-338.05 each

Tata Steel today said the company has sold equity shares of face value of Rs 2 each of Tata Motors to institutional investors over the stock exchange for Rs 1,250.69 crore.

The shares are being offered in an indicative range of Rs 324.50 to Rs 338.05 each

The steel company holds 5.54% stake in Tata Motors.

Earlier also proposed to sell the stake to Tata Sons through an off-market transaction for the same amount.

Shares of Tata Steel were up 1% today on BSE, while that of Tata Motors were down 2%.