Tata Global Beverages (TGBL) has sold its stake in joint venture firm Estate Management Services Private Limited (EMSPL) for a consideration of Rs 120 crore.
The company said it has divested stake as part of its overall strategy to focus on branded business in key geographies.
"...the company, vide a share sale and purchase agreement, amongst, Sunshine Holdings PLC, Estate Management Services Private Ltd (EMSPL) and the company, dated December 28, 2017, divested its holdings of 1,20,78,406 shares in its joint venture, EMPSL, constituting 31.85 per cent of the issued capital of EMSPL for a consideration of about Rs 120 crore," TGBL said in a BSE filing.
"Consequently, EMSPL has ceased to become an associate of the company effective December 28, 2017," it added.
Shares of TGBL settled 0.52 per cent higher at Rs 306.60 on the BSE.
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