Tata Sons snaps up Tata Motors shares for Rp24bn

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By Jonathan Breen
14 Dec 2016

Tata Sons has forked out Rp24.3bn ($359.8m) for a block of shares in Tata Motors through a reverse bookbuild process, the first of its kind in India.

The buyer went out with a target to purchase 50m shares via sole bookrunner Morgan Stanley, offering Rp486.25-Rp499.8 for each share. This translated to a 6.6%-9.1% premium over the stock’s Rp454.4 close on Monday.

Under Indian regulations, the pricing for a reverse bookbuild is the level where the ...

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