Tata Motors, on Friday, said Ratan Tata had hiked his stake in the company to 0.05 per cent through an open market transaction, leading to a surge of 6 per cent in the company's shares on the Bombay Stock Exchange.
In a filing, Tata Motors said its Chairman Tata had purchased 4.25 lakh ordinary shares on Thursday having a face value of Rs.2 each on the National Stock Exchange for a total consideration of Rs.9.94 crore through the open market route.
Following this transaction, his holding in the company went up to 0.05 per cent from 0.03 per cent earlier, it added.
When contacted, a Tata Sons spokesperson said: “He bought these shares in his personal capacity and it is the open period for the company.” Tata Motors said the transaction was carried out through Dhanki Securities.
The heavyweight counter settled at Rs.240.05, up 5.75 per cent. During the day, the scrip shot up by 6.36 per cent to Rs.241.45. On the NSE, the scrip was up 5.65 per cent at Rs.239.50.
JLR sales up 35 %
Meanwhile, Tata Motors reported that its global sales grew 12 per cent in May to 96,089 units over the same period last year. Sales of luxury brands from Jaguar Land Rover were at 30,094 units during the month, up 35 per cent from the same month last year.