Tata Sons consolidates stake in Tata Tea

MUMBAI: Tata Sons, the promoter of all key companies of Tata Group, on Wednesday announced it has consolidated stakes in Tata Tea upon conversion of 28.10 lakh warrants into equivalent number of shares.

The Committee of Directors (CoD) of Tata Tea approved the allotment of 28.10 lakh equity shares of the company in favour of Tata Sons on conversion of equivalent warrants, according to a communique to the Bombay Stock Exchange.

The main promoter, Tata Sons, held 19.1 per cent stake or 1.12 crore shares at the end of March.

The promoter group of Tata Tea comprising others like Tata Coffee, Ewart Investments, Tata Industries, Tata Chemicals, Quester Investment and Tata Investment Corporation together held 13.24 per cent.

The warrants were converted into equity shares, in accordance with the applicable SEBI (DIP) guidelines, at Rs 726.45 each.

Tata Sons had made an upfront money for these warrants (which had a face value of Rs 10 each) while the balance money was paid prior to conversion of the warrants into equity shares, the communique added.