TCP Overseas to increase stake in Joekels to 75%

Tata Consumer Products Overseas Holdings Limited, ("TCP Overseas"), a step-down wholly-owned subsidiary of the Company through Tata Consumer Products UK Group Limited (direct WOS), has decided to purchase 23.3% of the share capital of Joekels Tea Packers (Proprietary) Limited, Republic of South Africa ("Joekels"), from its Joint-Venture partners, as per the terms of the Share Purchase Agreement and the Shareholders Agreement, finalised and executed, amongst TCP Overseas, Joekels and the JV Partners (hereinafter referred as "Transaction Agreements").

The above acquisition of the stake by TCP Overseas from the JV partners is for a consideration value of ~ ZAR 91 million (~INR 43.65 crore) plus the adjustment amount (which will be payable later, basis the conditions mentioned in the Transaction Agreements). The said transaction is subject to the fulfilment of various terms and conditions as specified in Transaction Agreements.

As a result of the above acquisition, the holding of TCP Overseas in Joekels will increase from 51.7% to 75% of the equity share capital and the remaining 25% is held by the joint venture partners.

Shares of TATA CONSUMER PRODUCTS LIMITED was last trading in BSE at Rs. 767.15 as compared to the previous close of Rs. 776.60. The total number of shares traded during the day was 42112 in over 3881 trades.

The stock hit an intraday high of Rs. 782.45 and intraday low of 765.00. The net turnover during the day was Rs. 32506608.00.

Source : Equity Bulls

Keywords

TATACONSUMERPRODUCTS INE192A01025 TCPOverseas StakeIncrease Joekels