Tata Sons further hikes stake in Tata Steel to 28.67%

MUMBAI: Tata Steel today said the group's holding company Tata Sons has bought 5.1 lakh shares, or 0.06 stake, of the company for Rs 24.71 crore from open market to raise stake in the steel maker to 28.67 per cent.

Tata Sons bought 5.1 lakh shares of Tata Steel held by group firm Tata Chemicals for Rs 484.5 per share through open market transactions on September 5, the steel maker said in a disclosure to the Bombay Stock Exchange (BSE).

Prior to the transaction, Tata Sons had 28.61 per cent stake in Tata Steel. After this, its stake in Tata Steel has risen to 28.67 per cent.

Tata Sons now holds around 27.5 crore shares in Tata Steel.

Tata Chemicals held 42.51 lakh shares representing 0.44 per cent stake in Tata Steel at the end of the June quarter.

Tata Sons had bought 10.44 lakh shares, or additional 1 per cent, stake in Tata Steel between August 16 and August 19 through open market transactions, hiking its stake to 28.61 per cent, Tata Steel had informed BSE on September 2.

As on June-end, Tata Sons had 28.5 per cent stake in Tata Steel.

Shares of Tata Steel closed at 494.05 per share at BSE, down 0.12 per cent over the previous day's closing.