Tata Motors on Tuesday informed the exchanges about the sale of over a crore new ordinary shares of its stock.

What Happened: TML Securities Trust has sold over 1.14 crore shares of Tata Motors. The sale was executed for the purpose of distribution of fractional share entitlement and towards tax liabilities.

Axis Trustee Services, the Independent Trustee, will now distribute the sale proceeds in cash to the eligible class A ordinary shareholders (DVR shareholders) and credit the remaining new ordinary shares as per entitlement to their respective demat accounts.

See Also: Spicejet Rebounds After Initial 5 Drop Following 3 000 Crore Qip Launch

The company has assured that it will individually intimate the class A ordinary shareholders and the stock exchanges about the distribution of cash and credit of shares.

The company had previously announced the DVR Conversion scheme, where for every 10 ordinary shares held, the company would issue seven ordinary shares to an investor.

Earlier today, shares of the Tata Group company dipped around 2%. The drop was a result of a block deal involving 1.9 crore shares, representing 0.4% of the company's total equity. The shares were exchanged at an average price of ₹970 per share, amounting to a total transaction value of ₹1,758 crore.

Read Next: Airtel Partners With Amazon To Bring Prime Benefits To Customers

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.