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Tatas sell 6 pc in Forbes Gokak to Pallonjis

Our Bureau

MUMBAI, Oct. 9

THE Tata Group today divested 6.77 per cent equity stake in Forbes Gokak Ltd at a price of Rs 80 per share on spot transaction basis to Sterling Investment Corporation Private Ltd, which is a part of the Pallonji Mistry Group.

With this divestment, Pallonji Mistry Group's holding has increased to 14.88 per cent from 8.11 per cent, while the current promoters' holding stands reduced to 18.29 per cent, including the residual 8.05 per cent held by Tata Investment Corporation, wh ich will be divested later.

The Pallonji Mistry Group has also agreed that it would make an open offer to the public shareholders to acquire up to an additional 20 per cent of the equity share capital of Forbes Gokak Ltd at the same price of Rs 80 per share.

The promoter group held 25.06 per cent stake in Forbes Gokak Ltd's equity share capital of Rs 12.45 crore. Of this, Tatas direct holding in Forbes Gokak of 14.82 per cent was held by Tata Sons, Ewart Investments Ltd, Tata Investment Corporation Ltd and B ambino Investments Ltd.

Today, the Tatas sold the entire holdings of Tata Sons Ltd, Ewart Investments Ltd, Bambino Investments Ltd and a part of the holding of Tata Investment Corporation Ltd, said a Tata group press release.

On Monday, Forbes Gokak share closed at Rs 50.80 on Bombay Stock Exchange.