Tata Global Beverages to divest its stake in Zhejiang Tata Tea Extraction

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Tata Global Beverages Ltd (TGBL) will be selling its stake in joint venture Zhejiang Tata Tea Extraction Company for Rs 33 crore. The board of TGBL approved the decision to divest its stake in its JV.

The company in a filing on BSE said that the sale is subject to necessary approvals. The transaction will also be subject to completion of negotiations, definitive agreements and satisfaction of conditions precedent, it added.

It further said that the transaction would be intimated as required under Regulation 30 of the SEBI (List Obligations and Disclosure Requirements), Regulations, 2015, on completion of the transaction.

Stock Commentary:

Tata Global Beverages Ltd is currently trading at Rs 127.6, down by Rs 0 or 0% from its previous closing of Rs 127.6 on the BSE.

The scrip opened at Rs 127.95 and has touched a high and low of Rs 129.3 and Rs 127.3 respectively. So far 512528(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 8053.22 crore.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high of Rs 157.65 on 19-Oct-2016 and a 52 week low of Rs 100.1 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 130.7 and Rs 123.75 respectively.

The promoters holding in the company stood at 34.4 % while Institutions and Non-Institutions held 33.32 % and 28.59 % respectively.