Tata Steel Ltd said on Friday (23 June) it sold its stake in Tata Motors Ltd to Tata Sons, the holding company of India's salt-to-software Tata conglomerate, for 37.83 billion rupees ($586.3 million).
Tata Steel sold about 83.54 million shares at 452.80 rupees apiece, it said in a stock exchange filing.
As of end-March, the steelmaker owned a 2.9 percent stake or about 83.64 million shares in Tata Motors, according to stock exchange data. Last week, Tata Steel said it would sell the stake to Tata Sons on or after June 23.
Indian media had reported that Tata Sons planned to reduce cross-holdings among group companies.