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.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Mangaluru: Pro-Islamist writing found on wall at Circuit House Road

Lalu in fresh trouble as BJP MLA who ‘received his call’ lodges FIR

Pakistan fails to nab 19 most wanted LeT terrorists even 12 years after 26/11 attack

Speculation rife in Karnataka as CM convenes meeting of cabinet, MPs

Farmers’ protest: Vigil stepped up in Delhi’s bordering areas, vehicles being checked

Khattar hits out at Amarinder, tells him to stop ‘inciting’ innocent farmers

PM Modi to visit Serum Institute of India in Pune on Saturday



Related Articles More

WhatsApp OTP scam: What is it and how to stay safe?

What is eVIN and how will it be used for distributing Covid-19 vaccines?

Which Indian startups became unicorns in 2020?

Fact Check: Will citizens above 18 years of age get ₹1.3L Covid-19 funding?

What’s the case related to Karvy, which was declared a defaulter by NSE?

MUST WATCH

Madhavashankara name for Mangalore airport: Shri Sugunendra Tirtha Swamiji

Centuries-old Tuluva ritual of ‘Bhoomipuje Gaddekori’ still performed at Palthadi Village in Puttur

A bike rider dies in a lorry crash : The scene of the accident was captured on CCTV

Moodbidri: Four people drowned in Shambhavi river

1348 new vented dams in K’taka’s coastal districts: J.C. Madhu Swamy

Latest Additions

Will leave White House if Electoral College declares Biden winner: Trump

Mangaluru: Pro-Islamist writing found on wall at Circuit House Road

Lalu in fresh trouble as BJP MLA who ‘received his call’ lodges FIR

Chinese Premier Li to Attend SCO Heads of Govt Meeting Hosted by India on November 30

Phone Call Row: RJD Chief Lalu Prasad Shifted from Hospital Director’s Bungalow to Paying Ward

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.