New Delhi: Tata Steel on Tuesday said it has sold 2.18 per cent of its stake in group firm Titan to Tata Sons for over Rs 637 crore, a move aimed by the steel maker to monetise its non-core and listed assets.
In a BSE filing, the Mumbai-based firm said: it "has on August 11, 2015 sold 1,93,87,920 shares (2.18 per cent) of Titan Company Ltd to Tata Sons Ltd through a market sale for a net consideration of Rs 637.46 crore."
While presenting its June quarter results today, it said in a statement: "Tata Steel continues its strategy of monetising non-core assets and has raised about Rs 1,000 crore during the quarter by selling a part of its equity portfolio."
In an analyst call today, Tata Steel Group Executive Director (Finance and Corporate) Koushik Chatterjee said the company in the last 5-6 years has raised around Rs 15,000 crore through the monetisation of strategic, non-core and listed assets.
The steel maker today reported an over two-fold jump in consolidated net profit to Rs 763 crore in the April-June quarter of 2015-16 helped by strong sales from its Indian operation, cost optimisation and sale of non-core assets.
The Mumbai-based steel giant had posted a net profit of Rs 337.33 crore in the corresponding quarter of last fiscal.
Its consolidated total income, however, fell 17 per cent to Rs 30,300.33 crore during the April-June quarter this fiscal, from Rs 36,427.21 crore in the same period a year ago.
