MUMBAI: Continuing with its resolve to consolidate the promoter stake in the Tata Group companies, Tata Sons Ltd on Thursday acquired about 2.2 lakh shares of auto major Tata Motors Ltd for Rs 18.85 crore.
Tata Sons Ltd purchased 2.21 lakh shares of Tata Motors at a price of Rs 850.75 per share in a block deal at the Bombay Stock Exchange.
The shares were sold by another group company Tata Tea Ltd, which held about 3.7 lakh shares or a 0.10 per cent stake, at the end of the June 2006 quarter.
According to the latest data available with the stock exchanges, Tata Sons Ltd held 8.41 crore shares of Tata Motors, amounting to a 21.96 per cent equity stake, at the end of the June 2006 quarter.
Total promoter stake in Tata Motors stood at 33.63 per cent at the end of the quarter ended June 30. Shares of Tata Motors dropped nearly 1 per cent to close at Rs 842.75 at the BSE, while those of Tata Tea shed 0.40 per cent to Rs 737.40.
