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Tatas raise bank, NBFC exposure

In fray for bank licences, the salt-to-software conglomerate Tata has acquired shares in about two dozen banks and NBFCs, such as ICICI Bank, SBI, HDFC Bank and Axis Bank through one of its group investment firms.

In fray for bank licences, the salt-to-software conglomerate Tata has acquired shares in about two dozen banks and NBFCs, such as ICICI Bank, SBI, HDFC Bank and Axis Bank through one of its group investment firms.

The shares have been acquired by Tata Investment Corporation, whose portfolio of bank stocks rose to nearly R183 crore, and that of non-banking financial sector stocks grew to about R114 crore at the end of last fiscal.

According to the company?s latest annual report, Tata Investment Corp made fresh investments in shares of at least three banks ? J&K Bank, Punjab National Bank and South Indian Bank ? during the fiscal ended March 31, 2013.

Besides, its holding went up in lenders like Andhra Bank, Bank of Baroda, Central Bank, Corporation Bank, ICICI Bank and Indian Bank. The other banks where Tata Investment holds share as part of its ?non-current? investment portfolio included Axis Bank, DCB, HDFC Bank, IDBI Bank and SBI.

The only bank whose shares were sold by it during the year was United Bank of India.

The total market value of the firm?s holding of bank shares rose to R183 crore from R157 crore a year ago. Among NBFCs, Tata Investment made fresh investments in JM Financial and Bajaj Holdings & Investment.

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First published on: 15-07-2013 at 05:21 IST
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