Business Daily from THE HINDU group of publications
Wednesday, Feb 11, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Wednesday, Feb 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Stocks Corporate - Announcements
Our Bureau Mumbai, Feb. 10 Tata Sons pledged 8.15 per cent stake in Tata Motors on Tuesday. Tata Sons had already pledged shares in group companies Tata Steel (14.6 per cent) and Tata Power (13 per cent) on Monday. The promoter company Tata Sons holds 41.78 per cent stake in Tata Motors. The promoter group pledged 3.72 crore shares of Tata Motors, which is valued at around Rs 514 crore, according to Tuesday’s market price. The share price of Tata Motors closed at Rs 138.85 on the BSE on Tuesday. Tata Motors, the company which reported Rs 263 crore net loss for the third quarter, has been under severe financial stress following the acquisition of the iconic Ford brands Jaguar and Land Rover. It has been looking at various options to refinance its $2.3 billion bridge finance for the JLR takeover. Similarly, the promoter group of another major auto company, Bajaj Auto, also pledged 2.57 per cent stake in the company. The shares pledged are held under various promoter group entities, including Jamnalal Sons Private Ltd, Baroda Industries Private Ltd, Bachraj Factories Private Ltd and Mukand Global Finance Ltd. The market value of shares pledged by Bajaj group is Rs 173 crore, based on Bajaj Auto’s stock price which closed at Rs 466 on the BSE on Tuesday. Tata Sons pledges 14.6% stake in Tata Steel, 13% in Tata Power Cos will have to disclose pledged shares: SEBI Poser on share pledging Cos start divulging pledged share data More Stories on : Stocks | Announcements | Tata Motors Ltd
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