Shares of Tata Consumer Products (TCPL) climbed 3 per cent in Thursday's trade after a media report suggested the Tata group firm will buy India's largest packaged water company Bisleri International for up to Rs 7000 crore.
Economic Times newspaper said Ramesh Chauhan was divesting Bisleri International to Tata Consumer Products at an estimated Rs 6,000-7,000 crore.
Following the media report, the scrip rose 3.08 per cent to hit a high of Rs 794.55 on BSE. Within the first few minutes of trade, a total of 98,000 shares changed hands on the counter compared with a two-week average of 53,000 shares. The scrip is up 5.55 per cent this calendar compared with a 3.95 per cent rise in the benchmark Nifty.
By 9.40 am, there was no filing by Tata Consumer on stock exchanges regarding the same.
The ET report suggested that the current management of Bisleri would continue for two years as part of the deal. Chauhan, 82, has been in indifferent health in recent times and says he doesn't have a successor to take Bisleri to the next level of expansion, the ET report suggested. Daughter Jayanti is not keen on the business, ET said Chauhan as saying.
In an ET NOW interview, however, Ramesh Chauhan of Bisleri said that in discussions with Tatas is on and that no final decision is taken. He said they are currently in the negotiation stage, adding that he was looking for suitor who can nurture and grow the Bisleri brand.\
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