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Tata Motors to convert differential voting rights into ordinary shares

The market value of outstanding Tata Motors DVR is nearly Rs 19,000 crore, while the market value of ordinary shares is Rs 2.12 trillion

Tata Motors
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Samie ModakSohini Das Mumbai

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Tata Motors announced on Tuesday the termination of its differential voting rights (DVR) or A-share programme, bringing the curtains down on an innovative fundraising instrument that failed to take off on Dalal Street.

The board of the automotive major has approved a scheme whereby seven ordinary shares of the company will be issued for every 10 A-shares held, and all its outstanding A-shares will stand cancelled.

The proposal, subject to shareholders’ approval, is aimed at simplification and consolidation of its capital structure. Earlier this year, Tata Motors delisted its American depositary shares listed on the New York Stock Exchange.

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Topics : Tata Motors

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First Published: Jul 25 2023 | 8:04 PM IST

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