Tata Sons to pick 2.18 percent stake in Titan

Tata Sons, the promoter of major operating companies under the Tata group has decided to acquire 2.18 percent stake in Titan Company at an estimated price of over Rs 680 crores taking its total holding to 19.59 percent. Tata Sons will acquire 2.18 percent stake from Tata Steel as a part of restructuring of its investment portfolio, Titan said in a BSE filing.

Titan said the proposed date of acquisition is on or after August 11 and the shares are proposed to be acquired at the prevailing price on the date of acquisition. However, it added that the acquisition price would not be more than 25 percent of Rs 352.10 per share, which is the weighted average market price for a period of 60 trading days preceding its notice issued today. At the indicated price, the transaction is estimated to be around Rs 682.64 crores.

Owned by the Tata Group and the Tamil Nadu Industrial Development Corporation, Titan plans to reach a target of three billion dollars (over Rs 18,000 crores) revenue mark in the next 24 months. The company’s aim is to touch the five-billion dollars (over Rs 30,000 crores) revenue mark in the next five to seven years.