Tata Trusts is understood to be in preliminary talks with potential buyers to gauge their interest in the stake.
Tata Sons' interim chairman Ratan Tata is looking for a potential buyer for ousted chairman Cyrus Mistry's stake in the company, if it were to become available.
Cyrus Mistry's Shapoorji Pallonji owns about 18% stake in Tata Sons and is the second largest stakeholder in the company after Tata Sons.
According to a Bloomberg report, citing unnamed sources, Tata Trusts is now in talks with potential sovereign wealth funds and long-term investors to understand their interest, for when and if at all the company decides to sell its stake in the wake of the recent events.
On Monday, Tata Sons, in a board meeting, unceremoniously ousted Mistry during the proceedings of the summary items, citing non-performance. Mistry soon responded with a scathing five-page e-mail, which has since made the boardroom proceedings of one of India's largest conglomerates, public.
According to the report, Tata Trusts want to ensure that it the stake were to go on the block, "the new investor will be a friendly party that shares their long-term vision."
The Bloomberg report also said that there was a possibility that Tata Trusts may consider buying out the stake. For this, it has started drafting plans to raise funds. The report said Tata Trusts, which owns about 66% of Tata Sons, may need to sell shares in the group countries to be able to buy the stake.
On the fifth day after Mistry's ouster, the shares of Tata Group companies had recovered but not before losing nearly Rs 55,000 crore in the bloodbath that followed on the exchanges after the Chairman's removal. On Thursday, the 27-listed companies started responding to the clarifications sought by the BSE and the National Stock Exchange (NSE), which allayed fears and pushed the shares back into the green.
On Thursday, the Tata Steel management also met major institutional investors, foreign and local in a bid to calm investors' nerves. They met with JP Morgan, CLSA, Deutsche, Credit Suisse, Citi, HSBC, Morgan Stanley, UBS, Kotak, Motilal Oswal, ICICI Securities, HDFC, Birla Sunlife, and Reliance Capital, according to an earlier dna report. Ratan Tata also met with V K Sharma, the acting chairman of LIC Corporation but the details of the one-on-one meet were not made public.
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