Tata Sons to acquire additional 0.22% stake in Titan

NEW DELHI: Tata Sons, the promoter of major operating companies of the Tata group, will acquire additional 0.22 per cent stake in Titan Company at an estimated price of over Rs 66 crore, taking its total holding to 19.80 per cent.

Tata Sons will acquire 0.22 per cent stake from Tata International as part of restructuring its investment portfolio, Titan said in a BSE filing.

In August, Tata Sons acquired 2.18 per cent stake in the Titan at an estimated price of over Rs 680 crore taking its total holding to 19.59 per cent.

Titan today said the proposed date of acquisition is on or after December 11, and the shares are proposed to be acquired at the prevailing price on the date of acquisition.

However, the acquisition price will not be more than 25 per cent of Rs 346.44 per share, it added.

At the indicated price, the transaction is estimated to be around Rs 66.15 crore.