Tata Sons To Raise Stake In Tata Global Beverages, Tata Chemicals
Sep 12,2017 , 01:35 PM IST
Tata Sons, the promoter of major Tata group companies, will hike its shareholding in Tata Global Beverages and Tata Chemicals by up to 6.84 per cent and 4.39 per cent respectively for a total estimated value of Rs. 1,458 crore.
Tata Sons will acquire up to 4.31 crore shares or 6.84 per cent stake in Tata Global Beverages Ltd (TGBL) from Tata Chemicals as a part of restructuring of its investment portfolio, TGBL said in a regulatory filing. Tata Chemicals said Tata Sons will acquire up to 1.11 crore shares or 4.39 per cent stake in the company from Tata Global Beverages Ltd (TGBL).
TGBL and Tata Chemicals said the proposed date of acquisition is on or after September 18 and the shares are proposed to be acquired at the prevailing price on the date of acquisition.
However, TGBL said that the acquisition price would not be more than 25 per cent of Rs. 179.99 per share. At the indicated price, the transaction is estimated to be around Rs. 777.10 crore.
Tata Chemicals said that the acquisition price would not be more than 25 per cent of Rs. 609.23 per share. At the indicated price, the transaction is estimated to be around Rs. 681.45 crore.
Before proposed acquisition, Tata Sons' holding in the TGBL and Tata Chemicals stood at 22.63 per cent and 19.35 per cent respectively.
At 10:55 am, shares in Tata Global Beverages were trading 0.86 per cent higher at Rs. 211.05 apiece on the NSE, whose benchmark Nifty index was up 0.49 per cent. Shares in Tata Chemicals up 2.11 per cent at Rs. 632.60.