Tata Global Beverages inks property development pact with group firm Tata Realty and Infrastructure

NEW DELHI: Tata Global Beverages on Monday said it has entered into an agreement with group firm Tata Realty and Infrastructure for the development of the its property in Bangalore.

The development of the company's property in Bangalore will be done through a special purpose vehicle (SPV), Tata Global Beverages said in a filing to BSE.

"The consideration for the transfer of the company's property is Rs 195 crore which will be discharged by a mix of cash, equity / other securities in the SPV and constructed space in the developed property," Tata Global Beverages said.

The necessary transaction documents have been executed by the parties in this regard, it added.

Shares of Tata Global Beverages were today trading at Rs 154 apiece in the afternoon trade on BSE, up 4.30 per cent from their previous close.