TATAS BUY UP TELCO, TISCO SHARES

Article Abstract:

Tata Sons Limited (TSL), the holding company of the Tata group, has purchased 35-45 lakh shares of Tata Iron and Steel Company (Tisco) and 15-20 lakh shares of Tata Engineering and Locomotive Company (Telco). TSL purchased the shares to raise the stake of the group in these companies. The acquisition is also a part of the creeping acquisition limits set for the promoters. The creeping acquisition limits for the promoters have been raised to 5 percent from 2 percent. Now, the Tata group holds 16-17 percent stake in Tisco and Telco. (ag)

Trucks, Motor Vehicle Manufacturing, Financial Holding Companies, Offices of Bank Holding Companies, Tata Engineering and Locomotive Company Ltd.

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TATA SONS TO HIKE EQUITY IN TISCO TO 26%

Article Abstract:

Tata Sons (TS) plans to increase its stake in Tata Iron and Steel Company (Tisco) from 15 percent to about 26 percent. The stake will be raised after the Government of India announces the new policy on buy-back of shares that will allow companies to increase the creeping acquisition limit to a maximum of 5 percent. In the first half of 1998-99, Tisco made a net profit of Rs96 crore. (gs)

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