Shares of two Shapoorji Pallonji Group stocks rose by 5% to 18.59% after the group on Tuesday said it is willing to exit its decades-old position in Tata Sons.
Sterling & Wilson Solar (up 18.59%) and Forbes & Company (up of 5%) rallied.
The Shapoorji Pallonji (SP) Group, the largest minority shareholder with 18.37% stake in Tata Sons, on Tuesday said it is time to separate from Tata to end a relationship that has spanned over 70 years. Tata Sons is the holding company of Tata Group.
The SP Group in a statement said that separation from the Tata Group 'is necessary' and that the separation of interests would 'best serve all stake holders.'
The statement from the SP Group came within hours of the Tata group informing the Supreme Court that it was ready to buy out the SP group's stake.
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The market value of SP Group's stake in the listed entities of Tata Group is estimated to be around Rs 1,48,000 crore going by the market capitalization of all listed Tata Group firms.
The SP Group initially wanted to borrow funds using Tata Sons shares as collateral. However, on 5 September 2020, Tata Sons had moved the Supreme Court (SC) seeking to restrain the Mistry group from raising capital against their shares. The court barred the Mistry group from pledging or selling any Tata shares until 28 October 2020.
The SP Group is one of the largest Indian construction group, executing projects of national significance in India and abroad.
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