Tata Sons to spend Rs1,458 cr to raise stake in Tata Global Beverages, Tata Chemicals

New Delhi: Tata Sons, the promoter of major Tata group companies, will hike its shareholding in Tata Global Beverages Ltd (TGBL) and Tata Chemicals Ltd by up to 6.84 percent and 4.39 percent, respectively, for a total estimated value of Rs1,458 crore. [caption id=“attachment_3965793” align=“alignleft” width=“380”]  Reuters[/caption] Tata Sons will acquire up to 4.31 crore shares, or 6.84 percent stake, in TGBL from Tata Chemicals as part of restructuring of its investment portfolio, TGBL said in a regulatory filing on Tuesday. Tata Chemicals said Tata Sons will acquire up to 1.11 crore shares, or 4.39 percent stake, in the company from TGBL. TGBL and Tata Chemicals said 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. However, TGBL said that the acquisition price would not be more than 25 percent of Rs179.99 per share. At the indicated price, the transaction is estimated to be valued around Rs777.10 crore. Tata Chemicals said that the acquisition price would not be more than 25 percent of Rs609.23 per share. At the indicated price, the transaction value is estimated to be around Rs681.45 crore. Before proposed acquisition, Tata Sons’ holding in the TGBL and Tata Chemicals stood at 22.63 percent and 19.35 percent, respectively. Shares of TGBL were trading 1.15 percent higher at Rs211.45 on BSE. Shares of Tata Chemicals were trading 1.28 percent higher at Rs626 apiece on BSE.