Financial Daily from THE HINDU group of publications
Wednesday, Nov 13, 2002
Financial Daily from THE HINDU group of publications Wednesday, Nov 13, 2002 |
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Corporate
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Private Placement Coca-Cola `committed' to divesting 39 pc Our Bureau
NEW DELHI, Nov.12 AFTER having offloaded 10 per cent shares in favour of its employees, Coca-Cola India said it was "committed" to divesting 39 per cent additional equity by February 28, 2003, in accordance with the Government stipulation, to business associates and private investors. The company is to divest up to 49 per cent of its stake in its Indian operations to meet the mandatory divestment condition imposed at the time of its re-entry into the country. The company had sold Rs 10 shares at face value to employees, and will sell its equity at the same price to bottlers as well. The company was in consultation with its advisors, ABN-Amro and ICICI Securities, and talks were on with various stakeholders, Mr Sanjiv Gupta, Deputy President, Coca-Cola India, told newspersons here on Tuesday. The company plans to take the private placement route for meeting the divestment condition. On whether the company had achieved breakeven in India, Mr Gupta replied in the affirmative, but declined to comment on when the Indian operations would begin making a net profit. According to Mr Gupta, investments to the tune of $805 million have been pumped into the Indian operations till date. He added that the company was looking at a fresh round of investments to support the rollout of its carbonated soft drinks brands in 200 ml glass bottles.
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