look news india
New Delhi: Trading of Tata Motors DVR shares has been halted on stock exchanges. Tata Motors on Tuesday announced that trading of its differential voting rights (DVR) shares will be discontinued. The company is converting DVR shares into ordinary shares. The company plans to cancel the DVR shares and replace them with ordinary shares. Tata Motors DVR shares have been listed since 2008.
Investors will get 7 ordinary shares for every 10 DVR shares
Investors will get 7 ordinary shares of Tata Motors for every 10 Tata Motors DVR shares. The company had earlier set a record date of September 1 for this share swap. This has been said in an Economic Times report. Tata Motors said that the company has received approval from the Mumbai batch of the National Company Law Tribunal (NCLT). DVR shares offer fewer voting rights than ordinary shares. DVR shares generally pay higher dividends than ordinary shares.
Tata Motors DVR shares rose 223 percent in 2 years
Shares of Tata Motors DVR closed at Rs 765.15 on Thursday with a gain of 2.5 per cent on the Bombay Stock Exchange. Shares of Tata Motors DVR have gained 223 per cent in the last 2 years. In the last one year, the stock of Tata Motors DVR has risen by 85 per cent. The 52-week high of Tata Motors DVR shares is Rs 804.60. While the 52-week low of the company's shares is Rs 396.75. Shares of Tata Motors DVR closed at Rs 746.30 on Wednesday.