ICICI ePay hikes stake in Tata Info to 70%

ICICI ePayments has raised its holding in Tata Infomedia to 70% - post the completion of open offer.

The venture capital firm had acquired the Tata group's 50 per cent stake in the printing and publishing firm and has made an open offer to acquire 20 per cent publicly held shares of the company.

ICICI ePayments, a wholly owned subsidiary of India Advantage Fund informed the National Stock Exchange about its acquisition of 80.08 lakh shares amounting to 69.99 per cent of the total paid up capital of Tata Infomedia. With this, the Tatas has exited the 48 year old company.

The venture capital firm had made an open offer to acquire 22.88 lakh fully paid up equity shares of Rs 10 each of Tata Infomedia, representing 20 per cent of the outstanding equity share capital of the company at a price of Rs 176 per fully paid up equity share.

As per the agreement between ICICI ePayments and Tata Sons and other Tata companies, Tata Infomedia has sold its entire holding in Vantech Investments, RDI Print and Publishing and Titan Industries to the Tatas.