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Tuesday, Apr 02, 2002

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Cadbury stake in Indian arm rises to 90 pc

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MUMBAI, April 1

CADBURY Schweppes Plc today announced that it has acquired a 39.34 per cent stake in its Indian subsidiary, Cadbury India Ltd, through its open offer.

The current stake, aggregating 14,015,341 equity shares of Cadbury India, was acquired through an open offer of Rs 500 per share, which closed on February 22.

Following this, the shareholding of Cadbury Schweppes, through its subsidiaries Cadbury Schweppes Overseas Ltd and Cadbury Schweppes Mauritius Ltd, now stands at 90.24 per cent. The company, along with Cadbury Schweppes Overseas Ltd and Cadbury Schweppes Mauritius Ltd, had made a voluntary offer to acquire 49 per cent stake of Cadbury India Ltd aggregating 17,498,880 equity shares.

JM Morgan Stanley managed the open offer, while MCS Ltd was the registrar.

The company had earlier said that the open offer was part of Cadbury Schweppes' global policy to hold 100 per cent in all its subsidiaries worldwide. Moreover, the shares of Cadbury India are not traded and demonstrate limited liquidity. The offer provides an opportunity to shareholders to make an appropriate choice under prevailing circumstances, said a company release.

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