 "Tata Steel hits 52-week high on plans to sell stake in Tata Motors")
Tata Steel hit a fresh 52-week high of Rs 534, up 1%, extending its Monday’s 3.4% gain on BSE, after the company said that it proposes to sell 83.6 million equity shares of face value of Rs 2 each of Tata Motors to Tata Sons.
On Saturday, Tata Sons said it would buy 83.6 million shares or 2.85% stake in Tata Motors from Tata Steel on or after June 23.
“The transaction is expected to be executed on or after June 23, 2017 at or around the prevailing price on the date of proposed sale, subject to no material market movements in price since the date of this disclosure,” Tata Steel said in a statement.
At 9:33 am; Tata Steel was up 0.54% at Rs 522 as compared to 0.16% rise in the S&P BSE Sensex. A combined 1.22 million shares changed hands on the counter on BSE and NSE so far.
On Saturday, Tata Sons said it would buy 83.6 million shares or 2.85% stake in Tata Motors from Tata Steel on or after June 23.
“The transaction is expected to be executed on or after June 23, 2017 at or around the prevailing price on the date of proposed sale, subject to no material market movements in price since the date of this disclosure,” Tata Steel said in a statement.
At 9:33 am; Tata Steel was up 0.54% at Rs 522 as compared to 0.16% rise in the S&P BSE Sensex. A combined 1.22 million shares changed hands on the counter on BSE and NSE so far.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%