Tata Sons Ltd to announce open offer for Tata Investment at Rs.600

Tata Investment Corporation Ltd has announced that the Company on September 14, 2007 has received a letter from Tata Sons Ltd. stating their intention to make an Open Offer to the public shareholders of the Company under the relevant SEBI Regulations.

Tata Sons Ltd. and other Tata Companies presently hold 60.61% of the Company's Equity Capital and the Open Offer is proposed to be made by Tata Sons Ltd alone to acquire additional Equity shares of upto 29.29% from the public shareholders who presently hold 39.39%. This will not result in de-listing the Company's shares from the Stock Exchange.

The offer will be made at a price of Rs 600/- per share which represents a premium of 33.33% over September 14, 2007 closing price of the Company's share of Rs 450/- on the Bombay Stock Exchange. This price is also well in excess of the minimum price of Rs 439/- computed on the basis of the relevant SEBI pricing formula under the Regulations.

The formal press announcement of the Open Offer will be made shortly by the Acquirer and the stipulated process prescribed under SEBI regulations will commence thereafter.

The stock closed the day at Rs.450, up by Rs.4.15 or 0.93%. The stock hit an intraday high of Rs.453 and low of Rs.445. The total traded quantity was 2908 compared to 2 week average of 2253.

Source : Equity Bulls

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