Tata Global Beverages to hike stake in Mount Everest Mineral for Rs28 crore
28 Mar 2012
Tata Global Beverages (TGB), the world's second-largest tea company, yesterday said that it will acquire an additional 4.17 per cent stake in Mount Everest Mineral Water, for around Rs28 crore.
In a filing to the Bombay Stock Exchange (BSE), TGB said that its board have approved the purchase of 14,17,632 shares of Mount Everest Mineral from Foresight Holdings and Vinod Sethi, promoters of the Himalayan natural spring water brand.
TGB plans to purchase the shares on or before 31 March at Rs198 per share. Post purchase, TGB will be holding 45.09 per cent stake in Mount Everest Mineral.
The purchase of shares were subject matter of a put-option agreement entered into with the promoters at the time of acquiring an initial 20 per cent stake in Mount Everest Mineral in 2007.
"The board has approved amendments to the said agreement to reduce the number of shares which are the subject matter of the said agreement," the filing said.
The board has also approved amendments to provide that the promoters would be entitled to exercise their option commencing from the financial year 2012-13.