Tata Sons hikes stake in Tata Motors

Tata Sons on Tuesday hiked its stake in automobile major Tata Motors.

According to information with stock exchanges, Tata Sons bought five crore shares worth Rs 486.13 per share.

At the end of the last quarter on September 30, Tata Sons held 26.98 per cent stake in the company, while the complete promoter group had a holding of 33.01 per cent in Tata Motors.

The shares of Tata Motors on the BSE gained 3.48 per cent to close at Rs 470.35 from previous close of Rs 454.55.

The consolidation in Tata Sons stake in its automobile subsidiary comes after Tata Motors called an extra-ordinary general meeting (EGM) on December 22 to decide whether or not to remove Tata Sons ousted Chairman Mistry as a Director from its board.

Tata Sons had earlier asked Mistry to follow his own assertions on corporate governance and step down from the boards of Tata companies.

Tata Sons board ousted Mistry on October 24 and appointed Ratan Tata as the interim Chairman.

--IANS

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