The company said it will also sell similar stake in Tata Motors to its promoter firm Tata Sons for an amount not exceeding Rs 1,250 crore as part of portfolio restructuring.
"The company as part of its portfolio restructuring on September 18, 2015 sold 3,85,20,801 shares of Tata Motors to institutional investors over the stock exchange for a total consideration of Rs 1,250.69 crore," Tata Steel said in a BSE filing.
Earlier in the day, the company said it will sell shares of face value of Rs 2 each of Tata Motors to institutional investors over the stock exchange for a value not exceeding Rs 1,250 crore.
According to BSE data, Tata Steel held a 5.54 per cent stake in Tata Motors as on June 30, 2015.
Last month, Tata Steel had sold 2.18 per cent of its stake in another Tata group firm Titan to Tata Sons for over Rs 637 crore.
The stock of Tata Steel was trading at Rs 232.80, up 1.13 per cent, on BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
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%