Monday , 18 October 2021
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Tata Motors zooms on entering into binding agreement with TPG Rise Climate

Tata Motors zooms on entering into binding agreement with TPG Rise Climate

Tata Motors is currently trading at Rs. 490.35, up by 69.55 points or 16.53% from its previous closing of Rs. 420.80 on the BSE.

The scrip opened at Rs. 462.85 and has touched a high and low of Rs. 499.95 and Rs. 462.85 respectively. So far 1988595 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 499.95 on 13-Oct-2021 and a 52 week low of Rs. 126.00 on 16-Oct-2020.

Last one week high and low of the scrip stood at Rs. 499.95 and Rs. 339.95 respectively. The current market cap of the company is Rs. 139718.55 crore.

The promoters holding in the company stood at 46.41%, while Institutions and Non-Institutions held 25.90% and 17.32% respectively.

Tata Motors has entered into binding agreement with TPG Rise Climate under which the latter along with its co-investor ADQ, will invest in a subsidiary of Tata Motors that will be newly incorporated. Tata Motors will raise $1 billion (Rs 7,500 crore) in its passenger electric vehicle (EV) business from TPG Rise Climate at a valuation of up to $9.1 billion. The fund will be used to partly fund investment of $2 billion (over Rs 16,000 crore) in the next five years by a new subsidiary of the company for expanding its EV business, including launching of 10 EV models.

The new EV company will leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.