Buying interest has been seen in Tata Motors DVR ‘A’ Ordinary Shares. Many believe that there is a huge arbitrage opportunity in the stock given that Tata Motors trades at Rs. 775/- per share.
Over the past two days, we’ve seen buying from large fund houses: 35,00,000 shares by HDFC Mutual Fund, 5,10,691 shares by Sundaram BNP Paribas Mutual Fund and 4,44,725 shares by Prudential (Pramerica).
In 2008, Tata Motors had issued 64.17 million DVR shares as a part of its plan to raise Rs 4,145 crore through a rights issue for repaying the loan taken for JLR’s buy. The DVR shares carry one voting right for every 10 shares held and were issued @ Rs 305/- each.
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