29 Dec 2023 , 10:48 AM
The agreement between Tata Coffee Ltd (TCL), Tata Consumer Products Ltd (TCPL), and TCPL Beverages and Foods Ltd (TBFL), a fully owned subsidiary of the company, is set to be effective from January 1, 2024.
The strategic plan involves merging the remaining business with Tata Consumer Products and demerging Tata Coffee’s plantation business into TCPL Beverages and Foods.
As per the exchange filing on Thursday, Tata Coffee stated that the boards of directors of TBFL, TCL, and the scheme implementation committee of the board of TCPL have confirmed the fulfillment of requirements under Clause 29 of the scheme.
As a result, January 1, 2024, has been designated as both the scheme’s appointed date and its effective date.
On January 15, 2024, the Tata Company Board will determine the distribution of TCPL shares to Tata Coffee shareholders.
The National Company Law Tribunal approved the agreement between TCL, TBFL, and TCPL on December 1. The rearrangement plan, revealed in March 2022, aligns with the business’s objective of maximizing efficiencies and synergies. In response, TCPL announced that, upon the demerger of TCL’s plantation business into TCPL, it will issue one equity share for every 22 equity shares held in TCL.
Regarding the merger of the remaining business, the company will issue 14 equity shares of TCPL for every 55 equity shares held in TCL.
Upon completion of the demerger and amalgamation, TCL will be dissolved, and shareholders will receive three new equity shares of TCPL for every ten equity shares of TCL.
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