Udayavni Special

What’s the $24 bn plan proposed by Mistrys for separation from Tata Sons?

Team Udayavani, Oct 30, 2020, 2:01 PM IST

Valuing its 18.37% holding in Tata Sons at $24 billion, Mistry family proposed to swap its stake for pro-rata shares in listed Tata companies

According to the scheme, the Mistrys would get an $18 billion stake in TCS alone. They also sought a settlement in cash/listed shares for Tata brand value and unlisted Tata companies based on a third-party valuation.

As reported by Business Standard, As a non-cash settlement, the SP group said, it should be given pro rata shares in the listed entities of the Tata group where Tata Sons currently owns stakes.

Live Mint report states that the move by Mistry group to seek cashless settlement marks a departure from an earlier stance where it was considering accepting staggered payments from Tata Sons over an extended period of time. The proposed arrangement will help reduce the possibility of any additional debt on Tata group

The report further states that While Tata Sons did not immediately respond to requests for comment on the settlement offer, a person close to the group said that the terms offered may not be entirely acceptable in the current form.

The 70-year-old relationship between the Tata group and the SP group soured when in October 2016, the Tata Sons board removed Cyrus Mistry, the scion of the SP group, as chairman.

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