Tata tea's open offer to buy stake in Mount Everest

Mumbai, June 4 (UNI) Tata Tea Ltd today said its open offer to buy a further 20 per cent stake in Mount Everest Mineral Water Ltd (MEMW) at Rs 140 per share and the offer would open on July 27 and close on Aug 16.

The open offer for about 68 lakh shares is at the same price that the company will pay for 25.8 per cent in MEMW, Tata Tea advisor DSP Merrill Lynch said.

On June 1, Tata Tea said the total quantum investment in aquiring the stakes in MEMW will be of Rs 210 crore. Initially it would buy 10.8 per cent stake from promoters and subscribe to preferential offer of shares of 15 per cent in the botteled water firm. Further, 20 per cent stake of MEMW at 140 rupees per share through open offer.

UNI