Date:04/11/2004 URL: http://www.thehindubusinessline.com/2004/11/04/stories/2004110402531300.htm

Back Citigroup arms pick up 1 pc in Tata Motors

Our Bureau

Kolkata , Nov. 3

CITIGROUP has for the first time picked up Tata Motors shares. Citigroup Global Markets and Citibank NY Citigroup GL jointly bought 36,05,114 shares of Tata Motors, representing around 1 per cent of the total paid-up capital of the company.

Citibank NA, another outfit of the group, has all along been a depository for its GDRs, which were listed on the Luxembourg Stock Exchange. After the recent conversion of Tata Motors GDRs into ADRs and their listing on the New York Stock Exchange, Citibank NA continued to be the depository of ADRs.

The Citibank outfits bought the shares through the BSE on October 21. Citigroup Global Markets picked up 15.97 lakh shares of Tata Motors at Rs 411each, while Citibank NY Citigroup GL purchased 20.08 lakh shares at Rs 411.51 each.

The first FII investment in Tata Motors took place in the June-September quarter of 2003 when Emerging Markets Management LLC thorough its EMSAF Mauritius account made some investments. However, it has already made exited from the counter.

Among the FIIs who currently stay invested in Tata Motors shares in India are Government of Singapore, HSBC Global Investment Fund, Templeton Fund Inc and Janus Special Equity Fund.

Interestingly, the first foreign equity participation of Diamler Benz still continues through a little over 7 per cent holding by the now merged German entity, DiamlerChrysler AG, in Tata Motors.