Royal Bank of Scotland today offloaded 63.40 lakh shares of Tata Motors with differential voting rights (DVR) for over Rs 96 crore via open market transactions.
A DVR share is like an ordinary equity share, but it provides fewer voting rights to the shareholder but higher dividend.
According to information available with the stock exchanges, Royal Bank of Scotland Asia Merchant Bank (Singapore) Ltd sold 63.41 lakh shares of Tata Motors DVR to Merrill Lynch Capital Markets Espana SA SV.
The shares were sold on an average price of Rs 151.85 valuing the transaction at Rs 96.29 crore.
At the end of December quarter, RBS held 64.88 lakh shares of Tata Motors’ DVR or 1.35 per cent stake in the company.
Tata Motors’ DVR rose 2.22 per cent to settle at Rs 156.30 apiece on the BSE.