Tata Sons, the holding company of Tata Group is all set to acquire another 0.22 percent stake in Titan Company which is estimated to be priced over Rs. 66 crore. With this Tata Sons now holds 19.80 percent stake in Titan.
Tata Sons will acquire 0.22 per cent stake from Tata International as part of restructuring its investment portfolio, said Titan in a BSE filing.
Earlier this year, 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.
Commenting on the deal, Titan said that 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.