Tata Tea today said one of its promoters -- Tata Sons -- has pledged 11.32 per cent stake in the company with lenders.
In a disclosure to the Bombay Stock Exchange, Tata Tea said its main promoter Tata Sons has pledged 70 lakh shares, representing 11.32 per cent stake in the company.
Calculated on the basis of the current market price of Tata Tea scrip, the pledging would have fetched the promoters over Rs 389 crore.
As of December quarter, seven promoters held a total of 35.28 per cent stake in Tata Tea. Tata Sons, which held 22.78 per cent stake in Tata Tea, has pledged nearly half of its stake.
Tata Tea markets brands like Tetley, Goodearth and Eight'O Clock Coffee in the US market.
Tata Tea is the latest among the Tata group entities to to disclose the promoter pledging of shares after Tata Communications, Tata Steel, Tata Motors, Tata Teleservices (Mah), Tata Coffee, Tata Power and Indian Hotels Company.
The Group has resorted to share pledge to meet its funding requirements for expansion plans.
Tata Tea, which was on an acquisition spree in 2006-07, had acquired US-based Eight'O Clock Coffee for $220 million (Rs 1,050 crore) in June 2006.
