Shares of Tata Chemical rose nearly 2 per cent on the Bombay Stock Exchange after the board of the company accepted an offer from Tata Sons Limited for sale of 4,31,75,140 equity shares of Rs 1 each of Tata Global Beverages Limited.
The funds received from this sale will allow the company to focus its investments in strategic growth areas in Consumer Foods and Specialty products from Innovation Centre previously outlined during the Annual General Meeting and investor communication calls and meetings, it said. Cheering the news, shares of the company gained as much as 1.94 per cent to trade at intra-day high of Rs 646.40 apiece on the Bombay Stock Exchange.
In a similar fashion, shares of the company were trading 1.63 per cent higher at Rs 643.65 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 32,248.89, up 90.23 points, or 0.28 per cent, at 12:00 hours.