Tata Sons revokes pledges on five group cos’ stocks

Mumbai: Tata Sons, the holding company for the Tata Group, has revoked pledged shares in five of its listed firms, including some stock of the crown jewel — Tata Consultancy Services (TCS).The pledges were revoked last week, customary filings showed.About 67 million shares of TCS, worth Rs 21,285 crore at the current market price, were pledged with Centbank Financial Services. These were released upon redemption of debentures. Currently, 12.6 million shares of TCS are pledged with the NBFC.Tata Steel said 7.56 million shares out of 14 million pledged have been released on March 25. Tata Motors, in a separate regulatory filing, said 23.7 million out of the pledged 51.7 million shares were released on March 25.On March 26, the Supreme Court upheld Tata Sons’ decision to replace Cyrus Mistry as group chairman while refusing to entertain Shapoorji Pallonji (SP) group’s plea for a fair compensation of its equity shares in Tata Sons. The court said the value of SP group shares will depend on the valuation of Tata Sons’ equities and that the SC would not get into determining what should be a fair value.Among the other companies in which Tata Sons has revoked the pledged shares include Tata Consumer and Tata Power. In Tata Consumer, about 4.83 million out of 8.67 million shares pledged to Centbank were released. In Tata Power, the promoters have revoked 17.7 million shares out of its 38.9 million pledged.

from Economic Times https://ift.tt/39wT7B3
via IFTTT