Shares of Tata Chemicals
extended its gain in the morning session on Thursday. Tata Group on Wednesday transferred all its branded food
businesses to Tata Global Beverages Ltd
(TGBL) from Tata Chemicals Ltd (TCL). TGBL will be renamed as Tata Consumer Products, the group announced.
Under the scheme, every shareholder of TCL will get 1.14 new equity shares of TGBL for every one equity share held in TCL. It means that shareholders having 100 shares in TCL will receive 114 shares in TGBL, the company said in the filing.
The newly merged entity will have key brands such as Tata Salt, Tata Tea, Tata Sampann and Tetley under a single umbrella.
The proposed transaction will create a focused consumer products company with a combined turnover and Ebitda of Rs9,099cr and Rs1,154cr, respectively, for the 12-months period ended March 31, the company added.
However, shares of Tata Global Beverages Ltd is trading flat after opening higher in the early morning trade.
Tata Chemicals Ltd is currently trading at Rs590.50, up by Rs33.1 or 5.94% from its previous closing of Rs557.40 on the BSE. The scrip opened at Rs557.50 and has touched a high and low of Rs601 and Rs554 respectively.
Tata Global Beverages Ltd is currently trading at Rs199.05, up by Rs0.3 or 0.15% from its previous closing of Rs198.75 on the BSE. The scrip opened at Rs206.40 and has touched a high and low of Rs208.10 and Rs197.35 respectively.