Tata Group flagship steel maker, Tata Steel on Tuesday’s trading session hit its 52-week high of Rs 524.80 per share on the BSE as the company on Monday had said that it proposes to sell approximately 8.36 crore equity shares of face value of Rs 2 each of Tata Motors to Tata Sons Limited.
The transaction is expected to be executed on or after June 23, 2017. The steel major will sell share worth up to Rs 8,825 crore in Tata Motors to their parent company.
Tata Sons will gain another 2.85% stake in Tata Motors through the inter-promoter share transfer and post the deal it will hold 31.06% of voting rights in Tata Motors.
The proceeds of the stake sale will be used to reduce the steel makers Rs 72,367 debt as of March, a leading news agency reported.
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