Tata Chemicals promoter company buys back pledged shares

MUMBAI: Tata Chemicals said its promoter group company Tata Global Beverages has bought back 1,46,16,246 shares that it had pledged with institutions.

In a disclosure to the Bombay Stock Exchange (BSE), Tata Chemicals said Tata Global Beverages has revoked 1,46,16,246 shares of the 1,53,85,522 total shares pledged.

As many as 7,69,276 shares of Tata Chemicals held by Tata Global Beverages still remain pledged.

At the end of the March quarter Tata Global Beverages held 6.04 per cent stake in Tata Chemicals.

According to Sebi norms, it is mandatory for promoters to report pledging of shares to raise funds. The promoter group typically has to disclose the details to shareholders and to stock exchanges.

Shares of Tata Chemicals today closed at Rs 374.45, down by 2.17 per cent from its previous close at the BSE.