Tata Motors was trading broadly on a lower note on Friday's session after the company announced an extension in date for completion of scheme of arrangement with Tata Advanced Systems.
In its regulatory filing, Tata Motors on December 17, said, that considering the practical amount of time required for completion of the Conditions Precedent mentioned in Clause 21(a) of the Scheme the Board of Directors of the Company at its meeting held according to tot to Clause 21(b) of the Scheme, approved the extension of the date of completion of the Conditions Precedent up to June 30, 2021.
Earlier on Thursday, Tata Motors has also announced the signing of an agreement to purchase the balance 49% shareholding from the joint venture partner, Marcopolo SA in Tata Marcopolo Motors Ltd (TMML), consequent to which TMML will become a wholly-owned subsidiary of the Company, following the completion of the procedural requirements.
Tata Marcopolo Motors is a 51:49 joint venture formed in 2006 between the Company and Marcopolo S.A.
At around 1.38 pm, Tata Motors was trading at Rs180.10 per piece down 1% on Sensex.