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Tata Tea to make open offer for 20% stake in Mount Everest Mineral
Author£ºColourful Tea    Time£º2007-6-7    Hits£º561

Tata Tea  decided to make an open offer to the shareholders of Mount Everest Mineral Water (MEMWL) to buy upto 20% stake.
The company appointed DSP Merrill Lynch as manager for the offer.

The company will acquire up to 6,799,194 fully paid-up equity shares of face value Rs 10 each, representing in the aggregate 20% of the enhanced capital of the target company at a price of Rs 140 a share in cash.

The offer will be open for the shareholders of MEMWL from Jul. 27 to Aug. 16.   

Mount Everest Mineral Water was incorporated in 1991. The company is promoted and managed by Dr Dadi Balsara.  Engaged in the business of food processing, the company`s plant is located in Dhaula Kuan in Himachal Pradesh.

Recently the company`s subsidiary, The Tetley Group, inked a definitive agreement to acquire the Vitax and Flosana trademarks in Poland, from Premium Foods. The said acquisition of the trademarks is being funded by The Tetley Group.

Shares of company lost Rs 42.10, or 4.71%, to settle at Rs 851.55, at the NSE. The total volume of shares traded was 610,704 (Wednesday).


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