Tata Motors, the country's largest vehicle manufacturer, today declared that its parent company Tata Sons has pledged a further 5.27 per cent in the company, taking its total pledge to 13.42 per cent.
In a statement to the National Stock Exchange (NSE) released today, Tata Motors disclosed that Tata Sons has pledged 2.40 crore equity shares in the company. This is in addition to Tata Sons earlier pledged 3.72 crore shares in Tata Motors.
The said transaction took place on March 4 when the closing price of Tata Motors stood at Rs 143.10. Tata Motors did not disclose the amount raised by Tata Sons, however, market value of the pledged shares based on the closing price of March 4 stands at Rs 344 crore.
About a month ago, Tata Sons had pledged 8.15 per cent shares in Tata Motors. The parent company has also pledged 14.6 per cent in Tata Steel and 13 per cent in Tata Power.
According to the NSE data as of December 31, 2008, Tata Sons holds 28.94 per cent equity or in excess of 13 crore shares in Tata Motors. The entire promoter group of Tata Motors holds 41.80 per cent stake in the company.
