Fast-moving consumer goods (FMCG) Tata Consumer Products Ltd (TCPL) today said it has acquired an additional 23.3% stake in South Africa-based Joekels Tea Packing Company for Rs 43.65 crore. through a degraded subsidiary.
Tata Consumer Products Overseas Holdings Ltd (TCP Overseas) — a wholly owned subsidiary of the company through Tata Consumer Products UK Group — “has decided to acquire a 23.3% equity interest in Joekels Tea Packers, Republic of South Africa from its joint venture partners,” a regulatory filing said.
This is under the terms of the share purchase agreement and shareholders’ agreement, finalized and executed, between TCP Overseas, Joekels and the Joint Venture Partners, it added.
Regarding the cost of share buybacks, the FMCG arm of Tata group said the considered value is Rs 43.65 crore plus the adjusted amount.
As a result of the acquisition, “TCP Overseas’s holdings in Joekels will increase from 51.7% to 75%” of the equity.
The remaining 25% of shares are held by joint venture partners, additional regulatory filings
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
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