EGM meeting: Tata Motors gain 3% on promoter company's share purchase

Shares of Tata Motors surged over 3% in Tuesday's trading session, after its promoter Tata Sons revealed it bought about 50 million shares of the company ahead of the Extraordinary General Meeting (EGM) slated for later in the month.

The company was the top gainer on BSE in early trade. At 11.01 am, Tata Motors' stock was trading at Rs 464.80 per share on the index, up by Rs 10.25 or 2.25%.

In the early session, Tata Motors saw trade of nearly 50.1 million shares in two block deals. Tata Motors has 1.7% of equity trade in block deals.

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A Bloomberg report said, Tata Sons plans to boost the stakes in Tata Motors, before its Extraordinary General Meeting (EGM). For the purchase of stake, Morgan Stanley has acted as a book runner."

Tata Motors will hold an EGM on December 22, 2016, to decide on the removal of ex-chairman Cyrus Mistry of Tata Sons.