Rakesh Jhujhunwala ups stake in Tata Motors DVR by 10 million shares in Q2

Ace investor Rakesh Jhujhunwala has bought an additional 10 million equity shares, or 1.97 per cent stake, in Tata Motors DVR in July-September (Q2FY22), increasing his stake in the Tata Group company to 3.93 per cent in Q2 from 1.97 per cent at the end of June quarter (Q1), according to the shareholding pattern filed by the company.

As per the data, Rakesh Radheshyam Jhunjhunwala held 2.70 per cent stake or 13.75 million equity shares in Tata Motors DVR in Q2, as against 1.97 per cent stake (10 million shares) in the previous quarter. Ace investor has purchased 1.23 per cent stake or 6.25 million shares in name of Rakesh Jhujhunwala during the quarter, against nil or below 1 per cent holding in previous quarter, data shows. CLICK HERE FOR DETAILS

Differential Voting Rights (DVR) shares are shares that are permitted to be issued with differential voting and differential dividend rights.

At 01:08 pm, Tata Motors DVR was trading 6 per cent higher at Rs 247, after hitting an intra-day high of Rs 253.25 on the BSE. In comparison, the S&P BSE Sensex was down 0.69 per cent at 60,835 points. The stock had hit a 52-week high of Rs 284 on Tuesday, October 19, 2021 in the intra-day trade. Meanwhile, in the past one month, it has zoomed 66 per cent, as compared to 3 per cent rise in the benchmark index.

On October 12, 2021, Tata Motors had said it will raise Rs 7,500 crore ($1 billion) in its passenger electric vehicle (EV) business from TPG Rise Climate at a valuation of up to $9.1 billion. Tata Motors and TPG Rise Climate entered into a binding agreement whereby TPG Rise Climate along with its co-investor ADQ, shall invest in a subsidiary of Tata Motors that will be newly incorporated. It is expected that the first round of capital infusion will be completed by March 22 and the entire funds will be infused by end of 2022.

The new company shall leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into EV, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies, the company said.

In another development, Standard and Poor’s (S&P) has upgraded the global ratings for Tata Steel, Tata Motors and Jaguar Land Rover Automotive PLC (JLR) following the reassessment of influence and potential for extraordinary financial support from Tata Sons to group entities today.

S&P upgraded the rating for Tata Motors and its 100 per cent subsidiary TML Holdings from “B” to “BB-“ with a stable outlook. JLR’s rating has been revised from “B” to “B+”. The outlook is stable. CLICK HERE FOR FULL REPORT

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