Tata Sons, the promoter of major operating companies of the Tata group, will acquire 2.18 per cent stake in Titan Company at an estimated price of over Rs 680 crore taking its total holding to 19.59 per cent.
Tata Sons will acquire 2.18 per cent stake from Tata Steel as a part of restructuring of its investment portfolio, Titan said in a BSE filing.
Titan said the proposed date of acquisition is on or after August 11 and the shares are proposed to be acquired at the prevailing price on the date of acquisition.
However, it added that the acquisition price would not be more than 25 per cent of Rs 352.10 per share, which is the weighted average market price for a period of 60 trading days preceding its notice issued today.
At the indicated price, the transaction is estimated to be around Rs 682.64 crore.
Before proposed acquisition, Tata Sons’ holding in the company was at 17.40 per cent.
Titan Company’s shares closed at Rs 319.35 apiece, up 1.19 per cent on BSE