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Tata Investment Corporation Ltd.

BSE: 501301 Sector: Financials
NSE: TATAINVEST ISIN Code: INE672A01018
BSE 00:00 | 28 Feb 907.95 9.25
(1.03%)
OPEN

882.35

HIGH

922.00

LOW

870.80

NSE 00:00 | 28 Feb 909.35 11.30
(1.26%)
OPEN

885.00

HIGH

922.00

LOW

870.20

OPEN 882.35
PREVIOUS CLOSE 898.70
VOLUME 5689
52-Week high 1025.00
52-Week low 745.05
P/E 36.23
Mkt Cap.(Rs cr) 4,594
Buy Price 916.20
Buy Qty 100.00
Sell Price 925.00
Sell Qty 1.00
OPEN 882.35
CLOSE 898.70
VOLUME 5689
52-Week high 1025.00
52-Week low 745.05
P/E 36.23
Mkt Cap.(Rs cr) 4,594
Buy Price 916.20
Buy Qty 100.00
Sell Price 925.00
Sell Qty 1.00

Tata Investment Corporation Ltd. (TATAINVEST) - Company History

Tata Investment Corporation is a non-banking financial company (NBFC) promoted by Tata Sons. The company is registered with the Reserve Bank of India under the category of Investment Company. It is engaged in the business of investment in listed and unlisted equity shares debt instruments of companies in a wide range of Industries and in mutual funds. The major sources of income for the company consists of dividend income and profit on sale of investments. The company together with Tata Sons is a promoter of the Tata Mutual Fund. The company is also the principal shareholder of Tata Securities Ltd a company engaged in the distribution of mutual funds and other investment-related securities. As at March 31 2008 the book value of the company's portfolio of investments was Rs 8881.91 million whereas the total of market value of quoted investments and the book value of unquoted investments as at March 31 2008 was Rs 27780.30 million. As at March 31 2008 these investments were spread over 183 companies engaged in various sectors of industry and business.Tata Investment Corporation was incorporated in the year March 05 1937 as the Investment Corporation of India Ltd. The company was formed to work as an Investment Corporation for investments in land acquisition of stocks debentures etc. in India or elsewhere and for business of underwriting of new leave space business and also for taking over the management and control of companies.In the year 1957 The Oriental Government Security Life Assurance Co Ltd was amalgamated with the company with effect from July 1 1957. In March 1959 the company became one of the few investment companies in India with public shareholding when they listed their equity shares on the BSE. During the period 1950-1960 the company's main activities included promotion of long-term investments as well as to assist in promotion of new ventures by Indian entrepreneurs where the company would hold a minority stake. During the period 1960-1970 the company's activities underwent a gradual transformation when they primarily began to operate as an investment company with a diversified portfolio of equity investments.In the year 1992 the company became one of the first private sector companies to be a member of the OTC Exchange of India Ltd. The company established Tata Mutual Fund during the same year. In September 18 1995 the name of the company was changed to Tata Investment Corporation Ltd. In June 24 1998 the company was listed on the NSE.During the year 2004-05 the company acquired 49.9% shareholding held by TD Waterhouse Group incorporated in Tata TD Waterhouse Securities Pvt Ltd. The balance 50.1% was already held by two other Tata companies. The name of the Tata TD Waterhouse Securities Pvt Ltd has been changed to Tata Securities Pvt Ltd. This company is engaged in distribution of mutual funds and other finance-related products. Tata Sons Ltd acquired 5000000 equity shares of the company from Tata Chemicals Ltd and Tata Sons Ltd now holds 54.98% of the paid-up capital of the company. Therefore the company became a subsidiary of Tata Sons Ltd with effect from February 13 2008.The Board of Directors of the Company at its meeting held on 16th November 2018 had approved buyback up to 4500000 equity shares of Rs. 10 each on a proportionate basis at a price of Rs. 1000 per equity share payable in cash for an aggregate consideration not exceeding Rs. 450 crores by way of a Tender Offer route through Stock Exchange Mechanism. The value of the Buy Back equals 23.17% of the paid up equity share capital and free reserves and representing 8.17% of the paid-up capital of the Company. The shareholders will appreciate that the buyback was made at a substantial premium of 42% over market price on the date of announcement. The Company has successfully completed the Buy back and 4500000 shares were extinguished on 22nd February 2019.