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Tata Steel sells 1.33% stake in Tata Motors for Rs 1250 cr - Tata Steel will sell stock worth Rs 2500 crore ($376 million) it holds in Tata Motors in the two separate transactions of Rs 1,250 crore.
Tata Steel said it will also sell similar stake in Tata Motors to its promoter firm Tata Sons for an amount not exceeding Rs 1,250 crore as part of portfolio restructuring.
India's largest private sector steelmaker said it will sell shares of 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.
The steelmaker also proposes to sell shares of 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.
Tata Steel held a 5.54 percent stake in Tata Motors as on June 30, 2015, according to Bombay Stock Exchange data.
In Aug, Tata Steel had sold 2.18 percent f its stake in another Tata group firm Titan to Tata Sons for over Rs 637 crore.