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Tata Sons to buy Tata Steel stake in Tata Motors on or after June 23

Tata Sons cited 'restructuring of investment portfolio' as the reason for the planned deal

Reuters  |  Mumbai 

Tata Sons Ltd, the holding company of India's salt-to-software Tata conglomerate, plans to buy out Tata Steel Ltd's stake in Tata Motors Ltd on or after June 23, it said in a regulatory filing on Saturday. Tata Sons will buy about 83.6 million shares in Tata Motors at or around the prevailing price of the stock on the date of the planned acquisition, it said in the filing. It cited "restructuring of investment portfolio" as the reason for the planned deal. Tata Motors shares closed at Rs 455.75 in Mumbai trading on Friday. Tata Sons owned 28.71 percent ...

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First Published: Sat, June 17 2017. 13:29 IST