Tata Group picks Rs 2.3K cr shares in Tata Motors rights

Tata Group has picked up Rs 2,272 crore worth of shares in Tata Motors rights issue, which stood at Rs 4,145 crore. Tata Sons, Tata Capital, and Tata Investment have picked up Rs 1,275 crore worth of ordinary shares. Tata Sons has also picked up Rs 997 crore worth of differential voting shares.
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Nov 04, 2008, 12.45 PM | Source: CNBC-TV18

Tata Group picks Rs 2.3K cr shares in Tata Motors rights

Tata Group has picked up Rs 2,272 crore worth of shares in Tata Motors rights issue, which stood at Rs 4,145 crore. Tata Sons, Tata Capital, and Tata Investment have picked up Rs 1,275 crore worth of ordinary shares. Tata Sons has also picked up Rs 997 crore worth of differential voting shares.

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Tata Group picks Rs 2.3K cr shares in Tata Motors rights

Tata Group has picked up Rs 2,272 crore worth of shares in Tata Motors rights issue, which stood at Rs 4,145 crore. Tata Sons, Tata Capital, and Tata Investment have picked up Rs 1,275 crore worth of ordinary shares. Tata Sons has also picked up Rs 997 crore worth of differential voting shares.

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Here is a verbatim transcript of Vivek Law’s comments on CNBC-TV18. Also see the accompanying video.

 

Tata Group has picked up Rs 2,272 crore worth of shares in Tata Motors rights issue, which stood at Rs 4,145 crore. Tata Sons, Tata Capital, and Tata Investment have picked up Rs 1,275 crore worth of ordinary shares. Tata Sons has also picked up Rs 997 crore worth of differential voting shares.

 

JM Financial has picked up Rs 192 crore worth of differential voting shares as an underwriter. It was to pick a maximum of Rs 1,327 crore shares in case of devolvement of the differential voting shares.

 

Tatas, JM Financial have picked up nearly 60% of the total rights issue. About 7,500 shareholders subscribed to the Rs 902 crore worth of ordinary shares, while 7,217 shareholders subscribed to Rs 661 crore worth of differential voting shares.

 

The share price had fallen to 31% even while the rights issue was open for a particular period of a month and that’s why it was far cheaper to buy the stock from the market.

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Tata Group picks Rs 2.3K cr shares in Tata Motors rights

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