Tata Sons ups stake in Tata Chem
Tata Sons Ltd picks up a 2.97 per cent stake in the group company, taking its total stake in it to 15.28 per cent.india Updated: Sep 14, 2006 18:22 IST
Tata Sons Ltd has picked up a 2.97 per cent stake in its group company Tata Chemicals Ltd through market purchases, taking its total stake in the company to 15.28 per cent.
In line with the group's decision to up stake in all flagship companies, Tata Sons acquired 64 lakh equity shares aggregating to 2.97 per cent of the total paid up capital of Tata Chemicals during August 30 to September 12.
Following the acquisition, the stake of Tata Sons in Tata Chem stands at over 3.28 crore shares aggregating to 15.28 per cent stake, up from 12.31 per cent previously, Tata Chemicals informed the National Stock Exchange.
Recently, Tata Sons had increased its stake in Videsh Sanchar Nigam Ltd by 2 per cent to 7.64 per cent through open market purchases, thus taking the promoter group's consolidated equity stake in VSNL to about 49 per cent.
Also, domestic FMCG major Hindustan Lever Ltd had offloaded around 1 per cent stake in Tata Chem through block deal window recently and last month had sold nearly 2 per cent stake in Tata Chem for over Rs 94 crore to Tata Sons.
In July, Tata Sons had increased its stake in Tata Steel through the preferential route — a development that had followed Tata Sons Chairman Ratan Tata's address to shareholders at the AGM stating that the only safeguard against hostile takeovers was to increase the promoter's shareholding.