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Mumbai May 2 Tata Sons Ltd, the main promoter of Tata Tea Ltd, has consolidated its stake in the company through the conversion of 28.10 lakh warrants into the same number of shares.

In its communication to the Bombay Stock Exchange, Tata Tea Ltd said that the meeting of the Committee of Directors approved the allotment of 28.10 lakh shares of the company in favour of Tata Sons on the conversion of the same number of shares.

Further, the company has said that the price at which the warrants were converted into equity shares was in accordance with the applicable SEBI (DIP) Guidelines, 2000 and came to Rs 726.45 per share.

Tata Sons Ltd had earlier paid in November 2006 upfront money for these warrants, with a face value of Rs 10 each, and the balance money was paid prior to conversion of the warrants into equity shares, the note said.

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