Wednesday, March 29, 2017

Tata Sons to invest Rs 10000 crore in group companies

The Tata Sons board approved a resolution to invest up to Rs 10,000 crore in various Tata group companies at the first board meeting chaired by Chandrasekaran the new chairman of Tata Sons.

Also read: N Chandrasekaran said Tatas will lead, not follow

Tata sons said, Resolved that approval of the board of directors be and is hereby granted to the company to invest amounts not exceeding Rs 10,000 crore for subscribing to issues of securities and/or purchasing securities in various companies of which Tata Sons Ltd is the promoter and/or a shareholder.

The board also decided to raise up to Rs 7,000 crore by selling bonds to refinance debt, invest in securities or provide loans to companies.

Tata Sons group spokesperson Debasis Ray also said, We do not share information on such matters. Suffice it to say that, from time to time, Tata Sons raises funds as part of its ongoing activities.

Tata Sons, an investment holding company of the Tata Group, holds shares in more than 100 Tata companies, including 29 publicly listed enterprises that have a combined market capitalisation of about $116 billion. It earns money through the payment of dividend, fees and interest by Tata group companies.

Chandrasekaran said, I look forward to working with all the group entities, bringing the group together to make an impact both in terms of business and also in terms of the society, at large.



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