Tata Sons and other Tata companies presently hold 60.61% of the company's equity capital and the open offer is proposed to be made by Tata Sons alone to acquire additional equity shares of upto 28.39% from the public shareholders who presently hold 39.39%. This will not result in de-listing the company's shares from the stock exchange.

The offer will be made at a price of Rs 600 per share which represents a premium of 33.33% over 14 September 2007 closing price of the company's share of Rs 450 on the bombay stock exchange. This price is also well in excess of the minimum price of Rs 439.

The company made this announcement after the trading hours on Friday, 14 September 2007.