Titan Industries gained over 1 percent on Thursday, reversing earlier losses following a block deal of around 3.88 crore shares on the Bombay Stock Exchange.
The block deal, which accounted for 4.3 percent of its equity was at Rs 250.10 a share.
Tata Sons, the promoter of the watch and jewellery maker, had in a notice to the stock exchanges on March 20, said that it would acquire 3,87,80,000 (about 3.88 crore shares) of Titan Industries, amounting to 4.37 percent of Titan's total share capital, from Kalimati Investment Co Ltd on or after March 28.
Post the stake acquisition, Tata Sons' stake in Titan will go up to 15.22 percent from 10.85 percent.
The stake of Kalimati Investment, which is a subsidiary of Tata Steel , will fall to 4.37 percent from 8.74 percent.
Tata Investment Corp (1.94 percent), Tata Chemicals (1.56 percent), Tata Global Beverages (1.04) are among other Tata Group companies, holding over 1 percent stake in Titan.
Titan shares closed up 1.7 percent at Rs 256.40 on NSE. The stock had fallen as much as 3 percent in the morning session.
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