Mumbai: Tata Sons Ltd, the holding company of Tata Group companies, on Tuesday bought shares of three group companies—Tata Motors Ltd, Tata Chemicals Ltd and Tata Global Beverages Ltd—worth Rs3,228.36 crore, stock exchange data showed.
On Monday, Mint reported that Tata Motors was selling shares worth up to Rs2,000 crore through a block trade, while on 12 September, Mint had reported that Tata Sons will be increasing its stake in Tata Global Beverages and Tata Chemicals.
The share purchases will increase Tata Sons stakes by 6.8% in Tata Global Beverages, 1.34% in Tata Motors and by 4.1% in Tata Chemicals.
According to stock exchanges, Tata Sons directly bought shares from Tata Motors. It bought Tata Global shares worth Rs921.14 crore from Tata Chemicals. It bought shares worth Rs673.39 crore in Tata Chemical from Tata Global Beverages and shares worth Rs1,633.83 crore in Tata Motors.
In line with the larger strategy of simplifying the complex structure, under the leadership of N. Chandrasekaran executive chairman Tata Sons, the holding firm has been increasing its stake in group companies. On 23 June, it bought 2.9% of Tata Motors from Tata Steel at Rs452.8 per share for Rs3,787 crore.
Tata Sons Ltd has bought shares worth Rs5,383 crore in the four months from June to September as it seeks to shore up its holding in group companies and disentangle cross-holdings.
On Tuesday, shares of Tata Motors closed at Rs423.90, up by 4.58% on the BSE. Shares of Tata Chemicals and Tata Global Beverages closed the day at Rs656.95 and Rs216 per share, increasing by 2.24% and 1.24%, respectively. The benchmark Sensex closed almost flat at 32,402.37 points.