Mistry seeks US$24b of shares in Tata firms to sever ties

“It looks unlikely that Tatas will readily agree to this proposal,” said Shriram Subramanian, founder of proxy advisory firm InGovern Research Services. Valuation of unlisted firms and the Tata brand are still unresolved, he said.

Also, by splitting the shareholding in listed companies, Tata Sons’s equity in those firms will fall and in some cases may “reduce considerably leaving the listed companies susceptible to hostile takeovers,” Mr Subramanian said.