Mumbai, Feb 22: Tata Tea will invest around 62 million pounds (Rs 434 crore) in the capital of an offshore special purpose vehicle (SPV) it is setting up for the proposed acquisition of Britain's Tetley, the Bombay Stock Exchange (BSE)) said on Tuesday.The company has decided to float a Global Depository Receipt (GDR) issue of up to $75 million to raise part of the capital required for the acquisition of the Tetley group, BSE said, quoting a Tata Tea statement.
``For the acquisition, Tata Tea will invest approximately 62 million pounds by way of investing in the capital of the SPV,'' it said.
``Of this amount Tata Tea shall use the entire proceeds of 45 million pounds of the GDR issue and 17 million pounds from its own resources for subscribing to the equity capital of the SPV,'' it said.
Tata Tea has been conducting due diligence studies on Tetley but has not yet finalised the acquisition.
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