Founders, Citi buy Tata Motors shares from Daimler - BSE

MUMBAI Tue Mar 9, 2010 8:23pm IST

Tata Motors buses on display in Mumbai, March 7, 2005. Tata Sons, the holding entity for Tata Group firms, and Citigroup have acquired 8.65 million shares in Tata Motors from Germany's Daimler AG according to data on the Bombay Stock Exchange website. REUTERS/Punit Paranjpe/Files

Tata Motors buses on display in Mumbai, March 7, 2005. Tata Sons, the holding entity for Tata Group firms, and Citigroup have acquired 8.65 million shares in Tata Motors from Germany's Daimler AG according to data on the Bombay Stock Exchange website.

Credit: Reuters/Punit Paranjpe/Files

Related Topics

MUMBAI (Reuters) - Tata Sons, the holding entity for Tata Group firms, and Citigroup have acquired 8.65 million shares in Tata Motors from Germany's Daimler AG according to data on the Bombay Stock Exchange website.

Tata Sons bought 4 million Tata Motors shares at 750 rupees each, while Citi bought 4.65 million shares at 752.41 rupees each, according to the website data.

Daimler had sold about 25.6 million shares at an average of 751.67 rupees each raising 19.24 billion rupees, the stock exchange data showed.

Tata Sons officials were not immediately available for comments.

The rest of the shares were bought by various market investors including mutual funds and some overseas investors, a source with knowledge of the transaction said.

On Monday sources told Reuters that Daimler was selling its entire 5.34 percent stake in Tata Motors for $429 million. This was later confirmed by Tata Motors officials.

Tata Motors shares closed at 770.90 rupees, down 3.2 percent in a weak Mumbai market.

(Reporting by Janaki Krishnan & Prashant Mehra; Editing )

FILED UNDER:

Reuters Showcase

Adani Restructuring

Adani Restructuring

Adani says to restructure business  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Uber's Woes

Uber's Woes

Delhi Uber passenger who alleges driver rape sues in U.S.  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

ICICI Results

ICICI Results

ICICI sets quarterly record profit as Q3 net rises 14 pct  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage