The company said it will also sell similar stake of Tata Motors to its promoter firm Tata Sons for an amount not exceeding Rs 1,250 Crore as part of portfolio restructuring.

"The company as part of its portfolio restructuring on September 18, 2015 sold 3,85,20,801 shares of Tata Motors to institutional investors over the stock exchange for a total consideration of Rs 1,250.69 Crore," Tata Steel said in a BSE filing.

Earlier in the day, the company said it will sell shares having face value of Rs 2 each of Tata Motors to institutional investors over the stock exchange for a value not exceeding Rs 1,250 Crore.

It further said, "The company also proposes to sell shares having face value of Rs 2 each of Tata Motors to Tata Sons around the market price through an off-market transaction for a total value not exceeding Rs 1,250 crore."

According to BSE data, Tata Steel held a 5.54 percent stake in Tata Motors as on June 30, 2015. Last month, Tata Steel had sold 2.18 percent of its stake in another Tata group firm called Titan for over Rs 637 Crore to Tata Sons. The stock of Tata Steel was trading at Rs 232.80, up by 1.13 percent, on BSE.

 

 

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