Tata stocks slip after Trusts propose move to prevent holding company listing
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Sept 29 : Shares of Tata group companies fell on Tuesday after Tata Trusts proposed a restructuring of the holding company in a bid to sidestep a central bank requirement for the conglomerate to list its shares.
Tata Motors Passenger Vehicles dropped 2.8 per cent and Tata Investment lost 2.4 per cent by 9:43 a.m. IST in Mumbai.
Tata Trusts on Monday proposed merging two group companies with Tata Sons, the holding company of the salt-to-software conglomerate that owns significant stakes in listed firms including TCS, Tata Motors PV, Tata Steel and Trent.
The proposal follows a rift between the Trusts and Tata Sons, in which it holds a 66 per cent stake.
Expectations for a listing had heightened after the Indian central bank rejected the holding company’s bid to exit its non-bank finance company status.
Source: Reuters
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