Tata Steel hits 52-week high on plans to sell stake in Tata Motors

The stock hit a fresh 52-week high of Rs 534, up 1%, extending its Monday's 3.4% gain on BSE

Tata Steel hit a fresh 52-week high of Rs 534, up 1%, extending its Monday’s 3.4% gain on BSE, after the company said that it proposes to sell 83.6 million equity shares of face value of Rs 2 each of Tata Motors to Tata Sons.

On Saturday, Tata Sons said it would buy 83.6 million shares or 2.85% stake in Tata Motors from Tata Steel on or after June 23.

 “The transaction is expected to be executed on or after June 23, 2017 at or around the prevailing price on the date of proposed sale, subject to no material market movements in price since the date of this disclosure,” Tata Steel said in a statement.

At 9:33 am; Tata Steel was up 0.54% at Rs 522 as compared to 0.16% rise in the S&P BSE Sensex. A combined 1.22 million shares changed hands on the counter on BSE and NSE so far.