Financial Daily from THE HINDU group of publications
Sunday, Jun 15, 2003
Financial Daily from THE HINDU group of publications Sunday, Jun 15, 2003 |
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Corporate
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Mergers & Acquisitions Tata Sons raise stake in Voltas Our Bureau
HYDERABAD, June 14 FOLLOWING the acquisition of Voltas' shares held by the Andhra Pradesh Government, Tata Sons Ltd has further consolidated its equity holding in Voltas. Voltas has informed the stock exchanges on Friday that it has received intimation from Tata Sons, giving particulars of equity shares of the company acquired by them. Tata Sons has acquired 8,78,603 shares of Voltas, amounting to 2.65 per cent of the total paid-up capital. These shares were acquired on Thursday from the AP Government through competitive bidding process for which Tata Sons received an invitation on June 6. The bid price, which was not to be lower than the market price on June 6, was Rs 60.50 per share, Tata Sons informed Voltas. Consequent to the acquisition of shares from AP Government, the total shareholding of Tata Sons in Voltas stood at 78,73,178 shares, amounting to 23.79 per cent of Voltas' total paid-up capital.
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