Tata Global Beverages offloads 1.04% stake of Titan to Tata Sons

Tata Global Beverages (TGBL) on Monday transferred 92.48 lakh shares, worth Rs 312.30 crore, of Titan Company Ltd to Tata Sons Ltd through an open market transaction.

According to bulk deals data available with BSE, TGBL offloaded 92.48 lakh shares or 1.04% stake in Titan Company Ltd. The shares were transferred at an average price of Rs 337.70 apiece, totalling the transaction to Rs 312.30 crore.

Titan, a JV between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO) has presence in watches, jewellery and eyewear. It closed 2014-15 with an income of Rs 11,791 crore, a growth of 9% over the previous year. 

As of December 31, 2015, Tata Sons held 19.80% stake in the company, while, TGBL held 1.04% shares in the firm. Shares of Titan Company on Monday closed at Rs 341.90 on BSE, up by 1.24% over previous close.