The uptick in stock prices has helped several promoters monetise a portion of their holdings in the July-September quarter. In the process, some vanguards of desi businesses, including Tatas, have trimmed holdings in portfolio companies. The Bombay House-based conglomerate has cropped its shareholding in companies like TCS, Tata Motors, Tata Steel and Tata Power during the July-September quarter. According to regulatory filings, Tatas' stake in Tata Steel is down 2.77% this quarter. In Tata Power, the group's holding has fallen by 2.11%, while in TCS and Tata Motors it has dipped 0.76% each. The scenario was quite different a year ago following Lehman crash. For instance, the Tata group was compelled to subscribe to the balance portion of Tata Motors' rights issue, as there were few takers for the instrument due to the global financial crisis. Consequently, group's holding in the auto company went up to over 40% from 33%. However, during the September quarter, the drop in group's stake was on account of sale of shares and conversion of convertible preference shares into equity shares. Compared to other family-owned companies, Tata group's holding in its firms have been relatively low. Legend has it that at one point of time, Tatas held a tiny 2% stake in flagship Tisco (now known as Tata Steel). Birlas were the largest shareholders of the steel company. However, despite the Tatas low holding, control was not an issue then because of the cordial relationships between the two groups. The corporate
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