Tata Sons hikes stake in Tata Steel by picking shares worth Rs 50 crore

MUMBAI: Tata Sons, a holding company of Ratan Tata-led salt-to-software conglomerate, has raised its stake in the group firm Tata Steel by picking up additional shares worth Rs 50 crore through open market transactions.

Tata Sons today purchased 12.5 lakh shares of Tata Steel held by group firm Tata Chemicals for Rs 400 a piece through a block deal on the BSE, the exchange data showed.

Earlier in September, Tata Sons had acquired 5.1 lakh shares of Tata Steel held by Tata Chemicals for Rs 484.50 per share, for an aggregate amount of Rs 24.71 crore through open market transactions.

Tata Sons held 27.49 crore shares, representing a 28.67 per cent stake, of Tata Steel as on September 30, 2011.

Tata Chemical held 37.41 lakh shares or a 0.39 per cent stake in the steel major as on September 30.

The shares of Tata Steel today closed 1.9 per cent down at Rs 392.50 in a weak market. The Tata Chemicals shares settled unchanged at Rs 329.10 at the BSE.