Tata Sons will buy about 8.36 crore shares of Tata Motors held by Tata Steel at or around the prevailing price of the stock on the date of the planned acquisition, the Tata group holding company said in a BSE filing.
Tata Steel held 8.36 crore (8,36,37,697) ordinary shares, representing 2.85 per cent stake, in Tata Motors, as on March 31. Tata Sons has 28.21 per cent stake in Tata Motors.
Meanwhile, Tata Steel in a separate filing said, "The company proposes to sell 8,36,37,697 equity shares of face value of Rs 2 each of Tata Motors Ltd to Tata Sons Ltd.
"The transaction is expected to be executed on or after June 23, 2017 at or around the prevailing price on the date of proposed sale, subject to no material market movements in price since the date of this disclosure."
Tata Motors shares closed at 455.5 at BSE on Friday.