Tata Sons today raised stakes in Tata ChemicalsBSE -1.04 % and TGBL, buying for about Rs 1,600 crore the shares held by the two firms in each other so as to reduce cross-holdings among the group firms.
The holding company of the USD 104 billion group is also gearing up to buy shares worth about Rs 1,634 crore in Tata MotorsBSE -1.70 %.
In a regulatory filing, Tata Chemicals said it has sold 4,31,75,140 equity shares of face value of Re 1 each of Tata Global Beverages Ltd (TGBL) to Tata Sons Ltd at price of Rs 213.35 per share fetching around Rs 922 crore.
Similarly, TGBL said it has sold 1,04,80,000 equity shares of face value of Rs 10 each of Tata Chemicals Ltd (TCL) constituting 4.11 percent of the issued capital of TCL to Tata Sons as a market transaction.
The shares were acquired at Rs 642.55 apiece for Rs 673.39 crore.
The promoter of the major operating Tata companies has also initiated steps to acquire nearly 1.7 percent stake in Tata Motors that would entail outgo of Rs 1,634 crore.
As on quarter ended June 30, Tata Sons had 31.6 percent stake in Tata Motors, according to the information available with BSE.
Tata Sons has been on a drive to reduce cross-holdings within the group under the new Chairman N Chandrasekaran, as part of restructuring its investment portfolio.
He has been pushing for simplification of group structure and remove cross-holdings.
As on quarter ended June 2017, Tata Chemicals held 7.10 percent stake in TGBL. During the period, Tata Sons had 23.5 percent stake in Tata Global Beverages and 19.35 percent in Tata Chemicals.
TGBL and Tata Chemicals last week said the shares are proposed to be acquired at the prevailing price on the date of acquisition.
Shares of TGBL ended the day at Rs 216 apiece, up 1.24 percent from the previous close on BSE. Likewise, Tata Chemicals shares closed at Rs 656.95 apiece, up 2.24 percent.
Tata Motors shares closed at Rs 423.9, up 4.58 percent.
