| Tata Tea takes 25.74% in Mt Everest |
| BS Reporters / Mumbai June 1, 2007 |
| Ending months of speculation, Tata Tea today announced the acquisition of 25 per cent stake in Mount Everest Mineral Water for Rs 115 crore. The announcement comes within a week after the company pulled out of the American beverage market by selling its stake in Glaceau in Coca Cola. The acquisition will be done through direct purchase of 10 per cent stake from the promoters of Mount Everest and picking up 15 per cent stake through subscription of fresh shares. Subsequently, Tata Tea will launch a 20 per cent mandatory open offer. All the offers will be priced at Rs 140 a share, nearly seven per cent higher than Mount Everest |
