Tata Sons, Citi buy 8.65 million Tata Motors shares from Daimler

09 Mar 2010

Tata Group holding company Tata Sons and Citigroup Global Markets (Mauritius) Ltd have together acquired 8.65 million shares in Tata Motors from Germany's Daimler AG.

Tata Sons bought 4 million Tata Motors shares at Rs750 each, while Citi bought 4.65 million shares at Rs752.41 each, data provided by the Bombay Stock Exchange website showed.

Tata Motors German associate Daimler AG-FDI has sold a total of 25.596 million shares at an average price of around Rs751.67 apiece in the Mumbai stock market. 

The German carmaker, which holds a 5.34 per cent stake in Tata Motors, is expected to have raised over Rs1,924 crore through the stock sale.

Daimler was offering the shares between Rs737.40 and Rs761.30 each, a 4 to 7 per cent discount to the stock's closing price on Monday of Rs796.75.

Daimler owns 5.34 per cent of Tata Motors' ordinary shares and 4.71 per cent on a fully-diluted basis. Tata Sons, which has the first right of refusal, is reported to have agreed to the stake sale to a third party.