Tata Sons today raised stakes in three group firms -- Tata Motors, Tata Chemicals and TGBL -- buying shares worth over Rs 3,200 crore.
Tata Sons has been on a drive to reduce cross-holdings within the group under the new Chairman N Chandrasekaran, as part of restructuring its investment portfolio.
He has been pushing for simplification of group structure and remove cross holdings.
The promoter of the major Tata group companies has bought shares worth about Rs 1,634 crore in Tata Motors, as per the data available with BSE.
It has bought 38,767,541 shares of Tata Motors at Rs 421.44 per share constituting 1.34 per cent.
In a regulatory filing, Tata Chemicals said it has sold 4,31,75,140 equity shares of face value of Re 1 each of Tata Global Beverages Ltd (TGBL) to Tata Sons Ltd at price of Rs 213.35 per share, fetching around Rs 922 crore.
Similarly, TGBL said it has sold 1,04,80,000 equity shares of face value of Rs 10 each of Tata Chemicals Ltd (TCL) constituting 4.11 per cent of the issued capital of TCL to Tata Sons through open market transaction.
The shares were acquired at Rs 642.55 apiece for Rs 673.39 crore.
In June, Tata Sons had acquired an additional 2.89 per cent stake in Tata Motors for a little over Rs 3,782 crore from Tata Steel through open market transactions.
As on quarter ended June 30, Tata Sons had 31.6 per cent stake in Tata Motors, according to the information available with BSE.
As on quarter ended June 2017, Tata Chemicals held 7.10 per cent stake in TGBL. During the period, Tata Sons had 23.5 per cent stake in Tata Global Beverages and 19.35 per cent in Tata Chemicals.
TGBL and Tata Chemicals last week said the shares are proposed to be acquired at the prevailing price on the date of acquisition.
Shares of TGBL ended the day at Rs 216 apiece, up 1.24 per cent from the previous close on BSE. Likewise, Tata Chemicals shares closed at Rs 656.95 apiece, up 2.24 per cent.
Tata Motors shares closed at Rs 423.9, up 4.58 per cent.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)