Tata Consumer Products Board To Consider Preferential Issue

Tata Consumer Products Ltd.’s board will meet on March 29 to consider raising funds via preferential share sale.

The Tata Group firm plans to issue preferential shares equivalent to 1.5% of its paid-up equity capital to a foreign buyer, it said in a stock exchange filing on Thursday.

The maker of Tata Tea to Himalayan mineral water will issue shares to consolidate its shareholding in an existing overseas subsidiary, by purchasing the minority stake held by the foreign company for consideration other than cash.

The allotment of equity shares will be subject to regulatory and shareholder approvals.

Shares of Tata Consumer closed 1.2% lower ahead of the exchange filing compared with a 0.13% decline in Nifty 50.