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Last Updated : Dec 29, 2017 09:46 AM IST | Source: Moneycontrol.com

Tata Global Beverage hits 52-week high on stake sell in joint venture firm

The company through a share sale and purchase agreement has divested 31.85 percent stake (1,20,78,406 shares) in the joint venture company Estate Management Services (EMSPL) for a consideration of Rs 120 crore.

 
 
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Shares of Tata Global Beverage has touched 52-week high of Rs 309, gaining 1 percent in the early trade on Friday as it has sold stake in its associate company.

The company through a share sale and purchase agreement has divested 31.85 percent stake (1,20,78,406 shares) in the joint venture company Estate Management Services (EMSPL) for a consideration of Rs 120 crore.

Consequently, EMSPL has ceased to become an associate of the company effective December 28, 2017.

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This is a part of company's overall strategy to focus on branded business in key geographies.

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At 09:25 hrs Tata Global Beverage was quoting at Rs 309.80, up Rs 3.20, or 1.04 percent on the BSE.

Posted by Rakesh Patil

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First Published on Dec 29, 2017 09:27 am
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