Tata Steel Exits Tata Motors

Tata Steel during Friday’s opening session sold 2.9% in Tata Motors to Tata Sons as proposed earlier. The deal was worth Rs 3,785 crore.

Tata Motors witnessed an 8.3 crore shares block deal worth Rs 3,785 crore at Rs 453.10 per share on the BSE

Tata Steel had earlier proposed to sell approximately 8.36 crore equity shares of face value of Rs 2 each of Tata Motors to Tata Sons Limited.
The proceeds of the stake sale will be used to reduce the steel-makers Rs 72,367 debt as of March, a national news agency reported.

Tata Steel is trading at Rs Rs 509 per share lower by Rs 5 per share or 1%, and the auto manufacturing, Tata Motors is trading at Rs 452 per share lower by Rs 0.60 per share or 0.13% on the NSE at 0941 hours.

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