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A Short History of Tata Sons Ownership

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A Short History of Tata Sons Ownership REVERSING DECISIONS THROUGH SELL-OFFS TRUSTING THE FAMILY: A SHORT HISTORY OF TATA SONS OWNERSHIP IN TATA GROUP The weight and might of the 18 per cent stake in Tata Sons inherited by Cyrus Mistry’s father Pallonji Shapoorji played a key role in him trumping international competition to take up the corner office at Bombay House. This stake will come into play TATA POWER again if things turn less friendly between the Mistrys and their fellow shareholders: Feb 2014 Sir Dorabji Tata Trust and Sir Ratan Tata Trust, which between them own 66 per cent and are headed by Ratan Tata. Here’s a look at how the Mistrys and the trusts came to SOLD 30% stake Indonesian coal JAMSETJI mine for~3,135 crore own their Tata Sons shares: NUSSURWANJI TATA (owns Tata & Sons) TATA STEEL Apr 2016 FRAMROZE EDULJI RATANJI DINSHAW DADABHOY TATA SOLD long productScunthorpe Landlord; Advisor, (RD) TATA SONS 1904 steel plantfornominal value friend and lender of After (owns Tata & Co) last resort for Tatas Jamsetji’s TATA CHEMICALS death,his two Apr 2016 In 1924-26 1926 sons Dorab, FE Dinshaw lends ~2 crore to bail out RD Tata dies, leaving his SIR RATAN Ratan and SOLD Urea plan in Babrala Tata Steel and Tata Hydro entire estate and debts to TATA cousin RD Tata for ~2,670 crore eldest son JRD merge SIR DORAB companies to TATA TATA COMM Tatas agree to pay 25% share in profits form the May 2016 of Tata Steel and 12.5% of profits in modern-day J.R.D. TATA Tata Sons Tata Hydro becomes SOLD 74% stake in its data second largest 1918 centre for~4,260 crore shareholder 1930s Jun 2016 Dinshaw’s debt gets converted to equity in Tata Sons of 12.5% in Tata Sons Sir Ratan bequeaths SOLD majority stake in Neotel close to 40% stake in for ~1,992 crore JRD divides shareholding SHAPOORJI PALLONJI MISTRY Navajbhai adopts Tata Sons to Sir Ratan equally with siblings Sylla, Naval, father of Tata Trust (SRTT) and BEING CANDID Darab, Jimmy and Rodabeh Ratan and Noel Tata 1936 small portion to widow Navajbhai Write-downs made by Tata Dinshaw dies. Shapoorji Pallonji buys his 12.5% stake from Dinshaw’s heirs Group companies under Mistry 1936-38 1932 Sylla and Darab sell more Sir Dorab dies, TATA STEEL 1975 shares to Shapoorji, leaving close to 40% in Tata Sons ~8,356 crore Pallonji Shapoorji, son taking his stake to 17.5% For goodwill on the Corus of Shapoorji Pallonji, to Sir Dorabji Tata inherits the Tata stake Trust (SDTT) acquisition in May 2013 1938 1991 ~1,577 crore 1996 JRD ascends to the top post RATAN TATA takes For goodwill on the Benga Rights issue: Stake up to 18.5% over as chairman 1932 project in August 2014 SDTT and SRTT now own 2012 80% in Tata Sons, ~5,000 crore 2003 F E Dinshaw 12.5% Pallonji Shapoorji sells in Tata Sons CYRUS MISTRY takes For goodwill on long products buyback to bring down stake to 18% over as chairman of Tata sons division in the UK in May 2015 Ratan Tata steps down; retains 2005 the position as chairman of ~1,724 crore Pallonji retires on turning 75. Younger trusts 1996 Related to fixed assets across its son Cyrus Pallonji Mistry steps in as Tata Sons rights issue. Trusts don’t European operations director subscribe, their stake falls to 66% CURRENT SHAREHOLDING OF TATA SONS: TATA CHEMICALS TRUSTS - 66%*, PALLONJI SHAPOORJI - 18%, 2003 2016 ~484 crore TATA GROUP FIRMS - 13%, In the run-up to TCS IPO, Tata Sons Ratan returns announces buyback of up to 20%. Forfixed assets & goodwill on TATA FAMILY MEMBERS, OTHERS - 3% replacing Mistry Trusts don’t participate, stake Tata Chemicals Europe in May 2013 on Tata sons * Trusts’ shareholding has reduced slightly since 2003 increases to 68% board as interim Source: Media reports, Wikipedia, Tata Central Archives, ACC ~ 924 crore chairman Compiled by N Sundaresha Subramanian Forfixed assets & goodwill on Tata Chemicals Magadi in May 2014 INDIAN HOTELS COMPANY ~373 crore in May 2013 ~287 crore in November2013 ~500 crore in March 2014 TATA MOTORS ~700 crore Forits acquisition of Hispano Motors in November2013 Note: While impairment data for Tata Steel is updated till now, the same for other companies is updated only till September 2012 IMPAIRMENTS: A PRIMER | Goodwill is the excess paid for an assetoverits bookvalue | Auditors should subject companies’ balance sheets to yearly impairmenttests | Valuations are subjective and executives take theircalls.
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