Mumbai: Tata Steel has raised over Rs 2,500 crore by selling a part of its stake in Tata Motors to institutional investors, as well as Tata Sons, in two separate deals.
While the company raised Rs 1,250.69 crore by selling shares to institutional investors, it raised Rs 1,249.99 crore by selling shares to Tata Sons. Tata Steel held 16 crore shares in Tata Motors, constituting 5.54 per cent as on June 30, 2015, as per BSE data.
“As part of its portfolio restructuring as on September 18, 2015, Tata Steel sold 3,85,20,801 shares of Tata Motors to institutional investors over the stock exchange for a total consideration of Rs 1,250.69 crore,” Tata Steel informed the exchanges.
Tata Steel sold the shares at Rs 324.68 per share, according to data available on BSE.
