Last Updated : Tuesday, January 7, 2020 02:45:34

VADODARA (BARODA) based ARTA BROCH to buy 31% stake in TATA CERAMICS

MUMBAI | RAJKOT – In a regulatory update as submitted to the Indian Stock Markets, Mumbai headquartered Tata Power Company Ltd, electric utilities arm of Indian Diversified Conglomerate Tata Group, said of having inked share purchase agreement (SPA) with promoters of Arta Broch Vadodara [Baroda] headquartered Bone China Crockery manufacturing company, for selling 31% stake held by the company, in Tata Ceramics Ltd.

The filing as submitted by the company to the Indian Bourses, read that, The Company has signed a Share Purchase Agreement (SPA) dated 4th January 2020 with Mr. Rishabh Patel and Mr. Tanuj Patel, to sell the 9.35% equity stake held by the Company and 21.34% equity stake held by Af-Taab Investment Company Limited (Af-Taab) (a wholly owned subsidiary of Tata Power) in Tata Ceramics Limited (TCL) and to sell 33.33% stake held in the 7.25% Redeemable Cumulative Convertible Preference Shares (Preference Shares) by the Company, 41 .67% of Preference Shares held by Af-Taab and 25% of the Preference Shares held by Tata Power Trading Company Limited, in TCL.

Tata Ceramics Limited PAT (Profit after Tax) for financial year 2018-19 ~1.54 crore (0.06% of Tata Power Consolidated Profit after Tax) and its Net worth ~2.53 crore (0.01% of Tata Power Consolidated Net Worth), the filing read.

Consideration received from such sale/disposal ~Rs.500/- and repayment of~ 12,00,00,000/- (~12 crore) of Inter-Corporate Deposit over a period of next 18 months to the Company.

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