New Delhi, Feb 11: Coca-Cola plans to raise $41 million or about Rs 200 crore at face value by divesting 49 per cent stake in wholly-owned subsidiary Hindustan Coca-Cola Beverages Pvt Limited. This divestment of 49 per cent equity could mean repatriating over Rs 1,600 crore of foreign direct investment Coke has brought to the country since its equity investment stands at about Rs 3,307 crore.
Coke has to complete the divestment process by February 28 and has already offloaded 10 per cent stake in favour of employee trusts and as part of employee stock option schemes, a senior company official said here.
"We will divest 49 per cent stake in one of our subsidiaries for 41 million dollars at face value. This works out to something like Rs 200 crore," vice-president (External) for Coca-Cola India Sunil Gupta told PTI here.
While he declined to comment further on the divestment, as per a letter written by the company to the Prime Minister's Office earlier, "enforcement of the 49 per cent divestment condition can in principle result in a repatriation of over Rs 1600 crore of FDI".
Bureau Report