TATA STEEL SELLS TATA MOTORS STAKE FOR $586 M TO TATA SONS
BENGALURU: Tata Steel Ltd said on Friday it sold its stake in Tata Motors Ltd to Tata Sons , the holding company of India’s salt-to-software Tata conglomerate, for ₹37.83 billion ($586.3 million). Tata Steel sold about 83.54 million shares at ₹452.80 apiece, it said in a stock exchange filing. As of end-March, the steelmaker owned a 2.9% stake or about 83.64 million shares in Tata Motors, according to stock exchange data. Last week, Tata Steel said it would sell the stake to Tata Sons on or after June 23. According to earlier reports, Tata Sons planned to reduce crossholdings among group companies.