Out, but finds more support from Tata Motors shareholders Nusli Wadia found much more support from the shareholders of Tata Motors compared with those of Tata Steel, reports fe Bureau in Mumbai. While just 9.2% of those who voted in the Tata Steel EGM had supported him, the number jumped more then threefold to 28.8% in the case of Tata Motors.
Votes of both institutional and non-institutional investors, which were overwhelmingly against Wadia in Tata Steel, swung in the case of Tata Motors with the participation of the latter going up almost 10 times. For instance, only 4% of non-institutional shareholders had participated in the Tata Steel EGM with 84.5% of them voting against Wadia.
On the other hand, the Tata Motors EGM saw their participation rate jump to over 40%, with 60.7% of the votes cast in his favour.
Similarly, when it comes to institutional investors, while their participation rate dropped to 69.2% in Tata Motors as compared with 75% in Tata Steel, 49.9% of those that voted supported Wadia as compared with just 17.5% doing the same in Tata Steel. The big jump in the participation rate of non-institutional investors might have been due to a large number of shareholders of Tata Motors differential voting rights (DVR) shares, which has a large retail holding, turning up for the vote. An investor in a Tata Motors DVR share has 1/10th the voting right that an investor in the company’s ordinary shares has. The voting pattern of DVR shareholders was not disclosed separately.