Tata Tea net slips to Rs 124.57 cr

MUMBAI, JUNE 16: Plagued by falling tea prices amidst decline in overall production in the country, tea major Tata Tea Limited registered a marginal decline in net profit to Rs 124.57 crore during the fiscal 1999-2000. In the previous fiscal, net profit stood at Rs 128.76 crore.

Incidentally, in March this year, the company acquired through a subsidiary company the entire shareholding of the Tetley Group Ltd of the UK, which had made it a significant player in the global tea industry. To finance the acquisition, Tata tea had issued 75.98 lakh global depository

shares (GDS) at a price of 9.87 us dollar per gds and as such equity share capital of the company now stands higher at Rs 56.22 crore from Rs 48.62 crore.