Tata Motors’ JLR arm denies reports of listing, IPO
20 Jun 2017
Shares of Tata Motors were trading 2 per cent higher today after the company said on Monday it had no plans to list its luxury British car brand Jaguar Land Rover. Earlier, Bloomberg had reported that the automaker was considering an initial public offering of the unit.
Following the announcement, the scrip rose 2.14 per cent to Rs461.80 in the early trade on BSE.
However, the shares had risen even after the report of potential JLR listing. Tata Motors rose 2.17 per cent to Rs462.10 at 11:01 IST on BSE after reports that the Tata Group may be considering listing Jaguar Land Rover with an initial public offer.
"There are no plans to list Jaguar Land Rover," a Tata spokesman told Reuters. "There is no truth in those rumours."
Bloomberg had reported that Tata Group is considering an initial public offering of Jaguar Land Rover, the luxury-car maker the Indian conglomerate bought in 2008 for $2.4 billion.
Tata Motors has turned around Jaguar Land Rover since buying the business from Ford Motor Co, boosting revenue more than s sevenfold between 2008 and 2015.
Tata Motors had touched its 52-week high at Rs598.60 on 7 September 2016 and its fresh 52-week low at Rs417.10 on 8 May 2017.