Tata group's holding company Tata Sons Ltd has made Tata Investment Corporation Ltd (TICL) its subsidiary by consolidating its stake to around 55 per cent.
In a filing to the Bombay Stock Exchange, Tata Investment said the hike in stake was pursuant to the acquisition of 50 lakh (5 million) equity shares of TICL by Tata Sons from another group firm, Tata Chemicals.
Tata Sons had acquired 50 lakh (5 million) shares of Tata Investment aggregating to around 14.51 per cent stake in the company through an internal transfer of shares among promoters. It now holds 54.98 per cent stake in Tata Investment.
On February 7, Tata Chemicals said it had proposed a sale of part of its stake in Tata Investment Corporation to group's holding company Tata Sons for up to Rs 325 crore (Rs 3.25 billion).
In September last year, Tata Sons had made an open offer to the shareholders of TICL for acquiring up to 28.39 per cent stake in the company, which could garner only 10,954 shares amounting to 0.03 per cent stake in the company.
Shares of TICL were trading at Rs 590, down 0.39 per cent, on the BSE in afternoon trade.
