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Our Bureau

Mumbai, Sept. 14

Tata Sons proposes to make an open offer for acquisition of a 29.29 per cent equity stake in Tata Investment Corporation Ltd, at Rs 600 a share – a 33 per cent premium to Friday’s closing price of Rs 450.

“This price is also well in excess of the minimum price of Rs 439 computed on the basis of the relevant SEBI pricing formula under the Regulations,” said a statement from TICL to BSE on Friday.

Tata Sons and other Tata group companies currently hold a stake of 60.61 per cent in TICL. Tata Sons alone holds a 40.4 per cent stake.

The open offer will be made by Tata Sons alone.

The public shareholding in TICL is 39.39 per cent.

This will not result in de-listing of the company’s shares from the Stock Exchange, said the statement.

A formal announcement of the Open Offer will be made shortly by the Acquirer and the stipulated process prescribed under SEBI regulations will commence thereafter, said the statement.

More Stories on : Open Offers | Financial Services

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