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Tata Consumer Products rises on inking pact to acquire 100% stake in Kottaram Agro Foods

Tata Consumer Products is currently trading at Rs. 586.95, up by 11.40 points or 1.98% from its previous closing of Rs. 575.55 on the BSE.

The scrip opened at Rs. 587.00 and has touched a high and low of Rs. 592.75 and Rs. 576.55 respectively. So far 30745 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 635.20 on 12-Jan-2021 and a 52 week low of Rs. 214.00 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 596.30 and Rs. 554.55 respectively. The current market cap of the company is Rs. 53039.91 crore.

The promoters holding in the company stood at 34.71%, while Institutions and Non-Institutions held 39.30% and 25.97% respectively.

Tata Consumer Products has entered into share purchase agreements (SPAs) and a share purchase and investment agreement (SPIA) with the existing promoters and shareholders of Kottaram Agro Foods (Target Company) to acquire 100% of the equity share capital of the Target Company.

The target company is engaged in the business of breakfast cereals and millet-based snacks under the trademark ‘Soulfull’. The said acquisition is subject to the fulfilment of various terms and conditions as specified in the SPAs and the SPIA. The said acquisition is in line with the company’s strategic intent of entering into new adjacent categories in the food space. The acquisition is expected to be completed on or before March 31, 2021.

Tata Consumer Products (formerly known as Tata Global Beverages) is a focused consumer products company uniting the food and beverage interests of the Tata Group under one umbrella.

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