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September, 2006 Pragati Maidan, New Delhi, India |
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Tata Tea In Line For Stake Rise
Co to go the acqisition way
Tata Tea Ltd now plans to up its holding from the existing 28.60%, preferably through creeping acquisition. “The group is keen to raise its stake in Tata Tea,” Ratan Tata, chairman Tata Tea, in an newspaper interview.
“There are ways to increase holdings through the creeping acquisition route and there are limits posed by conditions of coming out with an open offer,” he added.
Refusing to indicate the level at which the group could take its holdings to, vice-chairman RK Krishna Kumar said promoters’ holdings would be taken to “quite a high level”.
“There would be steady rise (of promoters' holdings) towards consolidation,” Kumar added. The Tatas currently hold 28.60% in Tata Tea through Tata Sons (15.06%), Tata Investment (5.12%) and Tata Chemicals(7.68%).
Date: 09-Aug-2006
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