LIC sells Cadbury (I) stake to Schweppes

Mumbai: The Life Insurance Corporation of India (LIC) has sold its 5.75-per cent stake in Cadbury India Ltd to Cadbury Schweppes Plc. LIC sold 20,56,448 equity shares of Rs 10 each at Rs 500 per share to Cadbury Schweppes.

Cadbury Schweppes, along with Cadbury Scheweppes Overseas Ltd and Cadbury Scheweppes Mauritius Ltd (formerly known as Clarendon Investments Mauritius Ltd), had made an open offer to the public shareholders of the Indian company to acquire up to 17,498,880 fully paid-up equity shares of Rs 10 each, representing up to 49 per cent of the fully paid-up equity share capital of Cadbury India.

The offer was made at a price of Rs 500 per share. Cadbury Schweppes Overseas currently holds 18,213,120 equity shares, representing 51-per cent of the paid-up equity share capital of Cadbury India. Cadbury Overseas is the promoter of Cadbury India and is in management control of the Indian company. Other than the above, Cadbury Schweppes or any of its subsidiaries or affiliates holds any other shares of Cadbury India.

The letter of offer and the form of acceptance-cum-acknowledgement were mailed to the shareholders of Cadbury India, whose names appear on the register of the company as on 13 December 2001.

Cadbury India had posted a net profit of Rs 166.20 million for the quarter ended 30 December 2001 as compared to Rs 151.30 million in the previous years corresponding period. The total income rose from Rs 1456.20 million in DQ-2000 to Rs 1639.90 million in the quarter ended 30 December 2001.

The company has posted a net profit of Rs 574 million for the year ended 30 December 2001 as compared to Rs 520.30 million in the previous year ended 30 December 2000. The total income increased from Rs 5,831 million in the year ended 30 December 2000 to Rs 6,353.5 million in the year ended 30 December 2001.

The board had recommended a dividend of Rs 6 per share at its meeting held on 11 March 2002.