Tata Steel sells 2.18% stake in Titan to Tata Sons

Tata Steel today said it has sold 2.18 per cent of its stake in group firm Titan to Tata Sons for over Rs 637 crore, a move aimed by the steel maker to monetise its non-core and listed assets.
In a BSE filing, the Mumbai-based firm said: it "has on August 11, 2015 sold 1,93,87,920 shares (2.18 per cent) of Titan Company Ltd to Tata Sons Ltd through a market sale for a net consideration of Rs 637.46 crore."
While presenting its June quarter results today, it said in a statement: "Tata Steel continues its strategy of monetising non-core assets and has raised about Rs 1,000 crore during the quarter by selling a part of its equity portfolio."

In an analyst call today, Tata Steel Group Executive Director (Finance and Corporate) Koushik Chatterjee said the company in the last 5-6 years has raised around Rs 15,000 crore through the monetisation of strategic, non-core and listed assets.
The steel maker today reported an over two-fold jump in consolidated net profit to Rs 763 crore in the April-June quarter of 2015-16 helped by strong sales from its Indian operation, cost optimisation and sale of non-core assets.
The Mumbai-based steel giant had posted a net profit of Rs 337.33 crore in the corresponding quarter of last fiscal.
Its consolidated total income, however, fell 17 per cent to Rs 30,300.33 crore during the April-June quarter this fiscal, from Rs 36,427.21 crore in the same period a year ago.