Tata stocks rise on listing hopes, Chandra's extension
· Business · Economic Times
Shares of Tata Group companies holding minority stakes in Tata Sons rose on Thursday after the holding company's board approved a fresh five-year term for N Chandrasekaran as executive chairman. The board also resolved to initiate steps to comply with applicable Reserve Bank of India guidelines, including those related to a potential listing of Tata Sons. Tata Chemicals closed 6% higher, Tata Investment Corp gained 5.5%, Tata Motors Passenger Vehicles rose 4.5% and Tata Steel gained 3%. The board decision opened a fresh front in the ongoing differences between Tata Sons and Tata Trusts. Tata Trusts Chairman Noel N Tata voted against the resolution and deemed the reappointment a legal nullity, according to the Trusts. Tata Trusts is the majority owner of Tata Sons, with the Shapoorji Pallonji Group holding a significant minority stake of more than 18%.
Why it matters
The leadership continuity and potential listing of Tata Sons impact minority stakeholders, institutional investors, and the governance dynamics between Tata Sons and Tata Trusts.
Read the original report — Economic Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.