Friday, 30 December 2016

Mehli Mistry buys stake in Tata Power; shows support for Ratan

For Equity and Commodity Market Trading view as :

Mehli Mistry who is the promoter of M Pallonji & Co has bought 2.51 percent stake in Tata Power. The purchase is valued at Rs 200 crore and equals to about one percent of equity of the company. The stake purchase by Mehli Mistry is seen as a move to counter Cyrus Mistry who was removed as Tata Sons chairman in October this year. Ratan Tata is the interim Chairman of the group. Looking at the close relation between Ratan Tata and Mehli Mistry, Cyrus Mistry’s company – Cyrus Investment and Sterling Investment - has filed a petition in National Company Law Tribunal, the report adds. According to ET sources the stake purchase of Tata Power happened over 10 days.

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