Tata Sons, the holding arm of the Tata Group of companies, will acquire up to 43.1 million shares, or 6.84 per cent stake, in Tata Global Beverages Ltd (TGBL) from Tata Chemicals, as a part of a restructuring of its investment portfolio, TGBL said in a regulatory filing.
In a separate filing, Tata Sons said it will also acquire 4.39 per cent stake in Tata Chemicals by acquiring up to 11.1 million shares of the company. The proposed date of acquisition is on or after 18 September and the shares are proposed to be acquired at the prevailing price on the date of acquisition, both the companies said.
The promoter group estimates the value of the total investments at Rs1,458 crore. The acquisition will raise Tata Sons' stake in TGBL to 29.47 per cent and in Tata Chemicals to 23.74 per cent.
At present, Tata Sons holds 22.63 per cent stake in TGBL and 19.35 per cent in Tata Chemicals.
TGBL said the acquisition price would not be more than 25 per cent of Rs179.99 per share. At the indicated price, the transaction is estimated to be around Rs777.10 crore.
Tata Chemicals said that the acquisition price would not be more than 25 per cent of Rs609.23 per share. At the indicated price, the transaction is estimated to be around Rs681.45 crore.