The Tatas have disclosed their share pledging details in three more group companies,including Tata Communications and Tata Tea,taking the total amount raised by promoters of the nine firms to nearly Rs 10,000 crore.
The value of the shares pledged by the promoters has been estimated to be about Rs 10,000 crore as per Wednesdays closing price of the nine firms Tata Communications,Tata Tea,Tata Chemicals,Tata Motors,Tata Coffee,Tata Steel,Tata Power,Tata Teleservices (Mah) and Indian Hotels. Six Tata group firms had revealed their share pledging details till Tuesday.
Tata Communications (formerly VSNL) on Wedneday said two of its promoters,Tata Sons and Pantone Finvest,have pledged three crore shares,representing a 10.53 per cent stake in the company. At Wednesdays average market price,the shares pledged would have fetched Tata Sons over Rs 1,329.65 crore.
Tata Tea said its main promoter Tata Sons has pledged 70 lakh shares,representing 11.32 per cent stake in the company with lenders. Calculated on the basis of the current market price of Tata Tea scrip,the pledging would have fetched the promoters over Rs 389 crore.
Tata Chemicals said three of its promoters Tata Tea,Tata Investment Corporation and Tata Sons pledged 4.70 crore shares or 20.02 per cent stake in the company with lenders. The value of this stake is over Rs 705 crore.
The Tata group has 27 listed entities. However,TCS,Tata Sponge Iron,Tata Investment Corporation are among the Tata Group companies which are yet to disclose the promoter share pledging in respective firms.
Meanwhile,the groups holding entity Tata Sons had said: It (share pledging) is not a new practice. It has been existing since the age of joint stock companies. It has been done primarily for long-term funding requirements of Tata Sons.