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Home Technical Articles Tata’s bid to fortify stake in Tata Motors for Mistry exit

Tata’s bid to fortify stake in Tata Motors for Mistry exit

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December 13, 2016December 13, 2016

Days ahead of Tata Motors’ shareholders meet on December 22 to decide on the removal of Cyrus Mistry from its board, Tata Sons, the holding company of Tata Group, is said to have mandated foreign brokerage major Morgan Stanley to purchase up to five crore shares of the automobile major at a 10 per cent premium to the stock’s closing price of Rs 454.4.
The total deal, valued at Rs 2,500 crore and representing 1.73 per cent of Tata Motors’ equity capital, is set to be executed on the stock exchanges and is aimed at shoring up the group’s holdings of 33 per cent in the company to secure the vote against Mistry. Strategists at Bombay House are said to have prepared likely voting outcomes at the shareholder meetings of six major listed Tata companies to remove Mistry .While their sense is that Tata Sons will get majority support in all, voting margins could be close in a few companies like Tata Motors.

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Last updated: March 20, 2024
by and Alex Morrell is a senior correspondent at Business Insider covering Wall Street at large.

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