Shares of both Tata Chemicals and Tata Global Beverages today surged after the Street gave a thumbs-up to their deal announcement. As part of the deal, shareholders of Tata Chemicals will get 1.14 new shares of Tata Global for every share held. Shares of Tata Global surged as much as 10% to ₹220 while Tata Chemicals jumped 8% to ₹604 on BSE, both outperforming the flat broader markets. The consumer business of Tata Chemicals consists of Tata Salt, which has a dominant share in the domestic market. As part of the deal, there is no transfer of fixed assets or debt from Tata Chemicals to Tata Global," the brokerage said.

Source: Mint May 16, 2019 06:26 UTC