Tata Steel sells stake in Tata Motors to Tata Sons for $586.3 million

Tata Steel Ltd said on Friday it sold its stake in Tata Motors Ltd to Tata Sons, the holding company of India's salt-to-software Tata conglomerate, for 37.83 billion rupees ($586.3 million).

Tata Steel sold about 83.54 million shares at 452.80 rupees apiece, it said in a stock exchange filing.

As of end-March, the steelmaker owned a 2.9 percent stake or about 83.64 million shares in Tata Motors, according to stock exchange data. Last week, Tata Steel said it would sell the stake to Tata Sons on or after June 23.

Indian media had reported that Tata Sons planned to reduce crossholdings among group companies.

Get real time advice for  Stock Trading tips , Best Accurate Stock Tips , Stock Market Live , Equity Tips  and all Maket Updates From Capitalstars  .

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647