i Develop Stocks Advisory: Tata Motors sells 1cr Tata Steel shares to group co

Thursday, September 25, 2008

Tata Motors sells 1cr Tata Steel shares to group co

Tata Motors sells 1cr Tata Steel shares to group co:

Tata Motors has sold one crore Tata Steel shares, via a block deal at Rs 487 per share, to a group company. Tata Sons is the likely buyer.

After today’s sale, Tata Motors holding in Tata Steel stands at 3%, or 2.14 crore shares. The entire valuation of Tata Motors’ stake in Tata Steel works out to about Rs 1,800-2,000 crore.

Of this, Tata Motors has raised Rs 487 crore via this stake sale. This will bridge the gap between the old and revised rights issue structure. The rights issue amount has got reduced from Rs 7,200 crore to Rs 4,200 crore and will result in an equity dilution of 27-30% now from 40% earlier. The rights issue opens for subscription on September 29.

There are other options available with Tata Motors as well. It can sell 85% stake in group subsidiaries HVAL and HVTL valued at Rs 950 crore, and a 60% stake in Telcon valued at Rs 3,500 crore

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Thursday, September 25, 2008

Tata Motors sells 1cr Tata Steel shares to group co

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