Tata Sons Ltd (TSL) has reversed its earlier decision on acquiring 11.02 per cent in Tata Honeywell Ltd (THL) from Tata Industries Ltd (TIL) as part of business restructuring move.
Tata Sons had applied to the Securities Exchange Board of India (Sebi) for waiver of open offer, but has now decided against the move even though it has received the green signal from authorities. Top sources speaking on behalf of Tata Sons confirmed the decision in response to a specific question on the issue.
TSL, the holding company of the Tata Group, had decided to acquire the entire holding of TIL, the original promoter of THL. This was part of a business restructuring and consolidation exercise. THL is jointly promoted by TIL, and Honeywell Inc of the US.
To this effect, Tata Sons moved an application to Sebi in December 2002 and submitted further information through a letter in January 2003 under Sebi regulations seeking exemption from making public announcement.
Tata Sons had submitted to the Sebi that as part of
