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Kolkata, Aug. 23

Tata Tea has acquired management control of Mount Everest Mineral Ltd and Mr P.T. Siganporia has been appointed the non-executive Chairman of the reconstituted board. In June this year Tata Tea had announced its plan to acquire management control of the company and accordingly entered into a definitive agreement to purchase 50 per cent of the promoters’ equity holding and subscribe to preferential offer of shares of 15 per cent of the capital. Tata Tea has now subsc ribed to the preferential offer. In addition, in compliance with the SEBI’s Takeover Regulations, Tata Tea has announced an open offer to acquire an additional 20 per cent. –

Our Bureau

More Stories on : Mergers & Acquisitions | Water | Tea | Tata Tea Ltd

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