Tata Sons Working on Plans to Buy out Mistrys’ Stake in Company
The Tata Trusts had talks with potential buyers about the 18 percent stake owned by Cyrus Mistry’s family.
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Ratan Tata, the interim Chairman of Tata Sons, has reached out to sovereign wealth funds to buy out the stake owned by the family of ousted Chairman Cyrus Mistry.
The Tata Trusts, which are the biggest stake-holders in Tata Sons, had talks with potential buyers about the 18 percent stake. Mistry’s family, however, doesn’t intend to sell the holdings at all, sources said.
Tata Sons owns more than $65 billion worth of company shares.
“If the sale happens, a lot of the current uncertainty around Tata group companies will go away,” Paras Bothra, vice president of equity research in Mumbai at Ashika Stock Broking, said by phone. “It’s not going to happen so easily as Mistry may not give in without a fight.”
Read the full report on BloombergQuint.
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