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Tata Consumer Products share price gains on merger plan, stake acquisition

The share had touched a 52-week high of Rs 889 on September 7, 2021 and dropped to a 52-week low of Rs 614.25 May 7, 2021

March 30, 2022 / 10:07 AM IST
Tata Consumer Products

Tata Consumer Products

 
 
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Tata Consumer Products' share price added 5 percent in the morning trade on March 30 after the company announced a merger plan and acquisition of stake in a UK subsidiary.

Tata Consumer Products (TCPL) approved the Composite Scheme of Arrangement amongst the company, Tata Coffee and TCPL Beverages & Foods and their respective shareholders and creditors.

The plantation business of Tata Coffee Ltd (TCL) will be demerged into TCPL's wholly-owned arm TCPL Beverages & Foods Ltd (TBFL), the remaining business of TCL, consisting of its extraction and branded coffee business, will be merged with TCPL, the company said in a statement.

The demerger to happen as the first step and the merger to happen as the immediate second step, both being proposed through a composite scheme of arrangement.

Tata Consumer Products board also approved the acquisition of 2,38,71,793 ordinary shares of £ 1 each representing 10.15 percent paid-up share capital of Tata Consumer Products UK Group Limited, United Kingdom, an overseas subsidiary of the company from Tata Enterprises (Overseas) AG, Zug, Switzerland, a minority shareholder of TCP UK, for a total purchase consideration of Rs 570.80 crore.

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At 9.52 am, Tata Consumer Products was quoting at Rs 777.15, up Rs 33.90, or 4.56 percent, on the BSE.

The share had touched a 52-week high of Rs 889 on September 7, 2021 and dropped to a 52-week low of Rs 614.25  May 7, 2021.

It is trading 12.58 percent below its 52-week high and 26.52 percent above its 52-week low.

(With inputs from PTI)



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first published: Mar 30, 2022 10:07 am
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