Tata Motors decided to delist its American Depository Receipts (ADRs) as part of a capital restructuring plan.
The delisting process was subject to regulatory approvals and was expected to take 12 to 15 months for completion.
Tata Motors' board approved a scheme of arrangement for capital reduction, involving the cancellation of 'A' Ordinary Shares and issuance of ordinary shares.
Shareholders holding Tata Motors DVRs would receive 7 fully paid-up shares for every 10 DVRs they held.
The conversion of differential voting rights into ordinary shares aimed to simplify and consolidate Tata Motors' capital structure.
The market responded positively to the strategic moves, leading to a 17.93% increase in the stock price, reaching a 52-week high of Rs 440.
In Q1 FY24, Tata Motors reported a surge in net profit driven by strong demand for luxury Jaguar Land Rover (JLR) cars.
JLR's higher-margin SUVs and improved semiconductor supply contributed to the company's financial performance.
Tata Motors' resilience and successful execution of growth strategies positioned the company for future growth in the automotive industry.