Tata Steel To Get Rs 3,825 Crore From Tata Motors Stake Sale

Tata Steel, flagship steel-maker, on Saturday announced that it proposes to sell approx. 8.36 crore equity shares of face value Rs 2 each of Tata Motors to Tata Sons Limited.

The transaction is expected to be executed on or after June 23, 2017.

The steel major will sell share worth up to Rs 8,825 crore in Tata Motors to their parent company. Tata Sons will gain another 2.85% stake in Tata Motors through the inter-promoter share transfer.

The proceeds of the stake sale will be used to reduce the steel makers Rs 72,367 debt as of March, a leading news agency reported.

After the deal is completed, Tata Sons will hold 31.06% of voting rights in Tata Motors.

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