Tata Tea sells 4.5% in group company
Tata Tea Ltd today sold 4.5 per cent stake in another group company Tata Investment Corp to Tata Sons Ltd for about Rs 60 crore, aimed at part-funding its 677 million dollars (Rs 3,146 crore) acquisition of US-based Energy Brands.
Tata Tea today sold more than 15.5 lakh shares of Tata Inverstment Corp at Rs 383.65 a share in a block deal on the Bombay Stock Exchange.
Market sources said the deal was in line with its resolve to raise funds by selling some of its shareholding to its founder-promoter Tata Sons Ltd to pay for a stake in the US-based flavoured water maker Energy Brands Inc.
According to the latest data available with the stock exchanges, Tata Tea held about 26 lakh shares of Tata Investment Corp, amounting to a 7.53 per cent equity stake, at the end of June quarter this year.
Source:
