Tata Motors Surges 7% On Morgan Stanley Stake Buy Report
Tata Motors shares surged as much as 7 per cent to an intraday high of Rs 486.25 after a report suggested that global financial major Morgan Stanley has started a process to buy up to 50 million shares, or 1.73 per cent stake, in the company for an undisclosed buyer.
The offer price to buy the Tata Motors shares was at Rs 499.8, which was 10 per cent over its closing price on Monday, the report said.
Meanwhile, Tata Motors is holding an extraordinary general meeting (EGM) on December 22 to pass the resolution to remove Cyrus Mistry as director, which requires approval of more than 50 per cent shareholders.
Tata Sons along with other promoter companies hold a 33 per cent stake in Tata Motors as of September 30, 2016. And the cut-off date for considering shareholders entitlement to vote for Mr Mistry's removal is December 15, which means Tuesday (December 13) is the last day to buy the shares of Tata Motors to be eligible for the above voting.
Tata Motors shares closed 3.48 per cent higher at Rs 470.65 apiece compared to 0.69 per cent gain in the broader Sensex.
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