India: Tata Steel sells Tata Motors shares worth $376m

Tata Steel, India’s second largest private steel maker, has a total consolidated debt of Rs80,701.29 crore as on 31 March 2015. Visual sourced from Tata Steel website

Tata Steel Ltd on Friday sold shares worth $376 million (Rs.2,500 crore) in Tata Motors Ltd, the country’s largest automaker by revenue, as part of an unwinding of its extensive cross-holdings and reducing debt on its books.

Tata Steel sold 38,520,801 shares of Tata Motors to undisclosed institutional investors on the stock exchange for a total consideration of Rs.1,250.69 crore, the company said in a filing to the BSE.

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