Tata Steel on Friday sold its entire 2.9 per cent stake in Tata Motors to Tata Sons through a block deal on the BSE. A block deal of 8.35 crore shares was executed at an average price of Rs 452.80 a share. At that price, the deal size stood at Rs 3,780.88 crore. Last week, the Tata group had said to reduce cross-holdings, Tata Sons, the holding company of the $103-billion Tata group, will acquire Tata Steel’s 2.85 per cent share in Tata Motors on or after June 23. After the stake buy, Tata Sons’ holding in Tata Motors will increase to 31.06 per cent from the current 28.2 per cent.

reported The Hindu Business Line.

AZB & Partners partner Shameek Chaudhuri and partner Varoon Chandra acted for Tata Steel.

Update 30 June: We have been informed that Tata Sons had also instructed Cyril Amarchand Mangaldas managing partner Cyril Shroff on this matter, alongside New Delhi-based partner Amita Choudhary and Mumbai-based partner Anchal Dhir.