Proxy advisory firms Institutional Investor Advisory Services (IiAS), Stakeholders Empowerment Services, In Govern and Institutional Shareholder Services (ISS) have recommended 'for' votes on the resolution floated by Tata Motors pertaining to the conversion of shares with differential voting rights (DVRs) - also known as A-ordinary shares into ordinary shares.
The voting on the scheme of arrangement put forth by the automotive major which requires a majority of the minority votes from both the DVR and ordinary shareholders commences on Friday.
Most of the voting recommendation firms are of the view that the move to extinguish DVR will help simplify the capital structure at Tata Motors, resulting in multiple benefits.
"The scheme aims to optimise the company's capital structure and enhance its market capitalisation by removing discounts on A-ordinary shares. Also, this initiative will not have an adverse impact on the shareholders," ISS has said in a note.
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