Tata Steel advances after it decided to sell shares in Tata Motors

Shares of Tata Steel have surged 2% to trade at Rs 234.80 on the Bombay Stock Exchange (BSE) after the company announced that it plans to raise funds by selling its stake in automaker Tata Motors Ltd. 

The company will sell shares worth $188 million by proposing to sell shares of face value of Rs 2 each of Tata Motors to Tata Sons with the lowest price representing a discount of up to 4% to their Sept. 16 close of Rs 338.05. This, the company plans to achieve through an off-market transaction. 

At 10:10 AM, the stock reached a high of Rs 234.95 on the BSE. A combined total of nearly 1.2 million hands changed counter on the BSE and the NSE.