India’s leading automobile company, Tata Motors, today sold 11 million shares of Tata Steel, or 1.5 per cent of the latter’s equity, to promoter company Tata Sons for Rs 456.8 crore.
As a result, Tata Sons’ holding in Tata Steel has gone up to 30.77 per cent, while Tata Motors’ stake in the same company has reduced to 1.43 per cent from 2.93 per cent.
Tata Motors had earlier said the company would try to unlock value in some of its group companies to raise resources, mainly to fund a $1 billion loan repayment.
