Tata Sons is on a drive to reduce cross-holdings within group under new Chairman N Chandrasekaran.
New Delhi: Tata Sons on Tuesday increased its stake in Tata Global Beverages by buying over 4.31 crore equity shares from Tata Chemicals at Rs 213.35 per share aggregating over Rs 921 crore.
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.
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. As on quarter ended June 2017, Tata Chemicals held 7.10 per cent stake in TGBL. During the period, Tata Sons had 23.5 per cent stake in Tata Global Beverages.
Both the companies last week said the shares are proposed to be acquired at the prevailing price on the date of acquisition. Shares of Tata Chemicals were trading 2.48 per cent up at Rs 658.50 on BSE.