Earth Rules Pty Ltd, Australia ('Seller'), a step-down subsidiary of TATA CONSUMER PRODUCTS LIMITED, has entered into an Asset Sale and Purchase Agreement on December 5, 2020 for sale of MAP Coffee Business to Buccheri Group Pty Ltd ('Buyer'). The transaction is a slump sale of assets by an overseas step-down subsidiary, where the business assets of such subsidiary is being sold along with the contracts, assets and brands for a consolidated consideration to be received in cash.
Total consideration of AUD 1.25 Million (Equivalent INR 6.74 Crores) to be received in tranches by February 28, 2021, as per terms of the Asset Sale and Purchase Agreement dated December 5, 2020.
Post completion of the above transaction, the Seller will continue to be a step-down subsidiary of the Company.
Buccheri Group Pty Ltd, an entity established in 2006, based in Melbourne, Australia, engaged into business of coffee manufacturing and having current business address at: 70 Fallon St, Brunswick VIC 3056.
Shares of TATA CONSUMER PRODUCTS LIMITED (formerly Tata Global Beverages Limited) was last trading in BSE at Rs.563.8 as compared to the previous close of Rs. 550.2. The total number of shares traded during the day was 144280 in over 3161 trades.
The stock hit an intraday high of Rs. 566.6 and intraday low of 551.15. The net turnover during the day was Rs. 81081801.