Advertisement
UK markets closed

  • NIKKEI 225

    37,628.48
    -831.60 (-2.16%)
     

  • HANG SENG

    17,284.54
    +83.27 (+0.48%)
     

  • CRUDE OIL

    82.80
    -0.01 (-0.01%)
     

  • GOLD FUTURES

    2,341.90
    +3.50 (+0.15%)
     

  • DOW

    38,057.91
    -403.01 (-1.05%)
     

  • Bitcoin GBP

    51,504.30
    -449.34 (-0.86%)
     

  • CMC Crypto 200

    1,392.73
    +10.15 (+0.73%)
     

  • NASDAQ Composite

    15,562.39
    -150.36 (-0.96%)
     

  • UK FTSE All Share

    4,387.94
    +13.88 (+0.32%)
     
Stocks:

Trending tickers

Microsoft, Alphabet, Anglo American, IBM, Astrazeneca, Unilever and Sainsbury's

Tata Steel sells stake in Tata Motors to Tata Sons for $586.3 million

Reuters

REUTERS - 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 rupees ($586.3 million).

Tata Steel sold about 83.54 million shares at 452.80 rupees apiece, it said in a stock exchange filing. (http://bit.ly/2tBmbAH)

As of end-March, the steelmaker owned a 2.9 percent 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.

Indian media had reported that Tata Sons planned to reduce crossholdings among group companies.

($1 = 64.5200 Indian rupees)

(Reporting by Krishna V Kurup in Bengaluru; Editing by Amrutha Gayathri)