The Hindu Business Line : Tatas cut stake in Tata Motors differential voting rights shares

On Monday, BSE bulk deal data showed Tata Sons, the group’s holding company, sold 3.49 lakh DVRs at Rs 475.58 a piece. On NSE, it sold another lot of 6.51 lakh shares at Rs 475.33 each. Tata Steel, on the other hand, sold 5 lakh DVRs at Rs 480 each. Prudential Asset Management Singapore Ltd is reported to have picked up 5 lakh DVRs on Monday.

DVR investors acquire shares of a company at lower prices with the prospects of higher dividends in return for surrendering their voting rights. Tata Steel also sold 5 lakh DVRs at Rs 480 each on NSE. However, the data are not available on the purchaser of this lot and the lots unloaded by Tata Sons.

Last week, both these entities had sold 78 lakh Tata Motors DVRs. Among the disclosed buyers were Prudential Asset Management, DSP Blackrock Trustee Co, Sundaram BNP Focus Fund, Tax Saver Open Ended Fund and Prudential India Equity Fund.

DVRs closed 3.04 per cent higher on BSE at Rs 481.95 while the ordinary stock closed at Rs 633.90, up 2.32 per cent.

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