MUMBAI: Tata Sons chairman emeritus Ratan Tata has sold a
0.06% stake in brokerage platform Upstox for approximately $2
million (about Rs 18 crore), generating a "23,000% return on his
original investment (based on 2022 valuation of $3.5 billion)", the
company said on Thursday. The transaction comes eight years
after Tata made his initial investment in Upstox. After the sharesale, Tata's holding in Upstox will be 1.27%.
Tata - who has transformed into an angel investor for scores of
startups after leading the conglomerate for decades - has been
selling his investments in new-age companies as their valuations
improve. Before Upstox, the octogenarian industrialist sold some
shares of baby care platform FirstCry through the IPO route.
On his share-sale in Upstox, a source said Tata wanted to take out his initial investment in the brokerage firm and
then ride on the profit. He still retains 95% of his holding in Upstox, which plans to go public in the near future.
Tata had acquired 1.33% in Upstox in 2016, when he was involved in a boardroom dispute at Tata Sons.
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