Tata Motors divests stake in Sheba Properties for Rs 405 cr

Tata Motors today said it has divested its entire stake in wholly-owned subsidiary Sheba Properties to another group firm Tata Motors Finance for Rs 405.37 crore.

The share purchase agreement is executed today, Tata Motors said in a regulatory filing.

"Based on an independent valuation equity share value is estimated at Rs 405.37 crore," it added. The company further said the sale has been consummated at Rs 540.5 per share of Rs 100 each.

The transaction is part of a restructuring process within Tata Motors.