Last Updated :
15 September 2009 at 18:40 IST
Tata Motors sells holding in Tata Steel to Tata Sons
MUMBAI (Commodity Online): Tata Motors, India largest truck maker, raised Rs 236.5 crore this week by selling nearly half of its current investment in group firm Tata Steel. The company sold five million shares of Tata Steel to group holding firm Tata Sons for Rs 473 a share.
In June, Tata Motors had sold 11 million shares of Tata Steel to Tata Sons for Rs 457 crore. Now, Tata Motors is left with 5.44 million shares of Tata Steel. Tata Motors, acquired the Jaguar and Land Rover brands from Ford Motor Company last year. It had earlier announced it would monetise its investment to meet the repayment requirements.
Tata Sons had also bought 0.81 million shares of Titan Industries from Tata Chemicals for Rs 100 crore on Friday. The group holding firm has been increasing its holding since the downturn pulled down the stock prices of group firms.
The agency said it revised the outlook on Tata Power considering the significant progress made by the company on its two key projects, the 4,000 Mw Mundra project and the 1,050-Mw Maithon project, and the strengthening of its business position, said a press release.
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