Tata group firm Trent today said Panatone Finvest, one of the promoters, will exit the firm by selling its 1.28 per cent holding to Tata Sons.
In a filing to the BSE, Trent said Tata Sons will acquire 4.26 lakh equity shares from Panatone Finvest that will represent 1.28 per cent stake in the company.
The transaction will happen on or after December 5, it added.
Talking about the sale price, Trent said the shares will transferred “at the prevailing price on date of proposed acquisition, such price not being less than Rs 1,000 per share or greater than Rs 1,300 per share”.
In case of frequent trading, the shares will be sold at a volume weighted average market price of Rs 1,121.74 per share, translating into around Rs 48 crore.
Post this transaction, Tata Sons’ stake in Trent will increase to 26.31 per cent from 25.03 per cent at present.
Shares of Trent today closed trading 0.07 per cent down at Rs 1,154.60 apiece on the BSE.