Kolkata-based Warren Tea Ltd, which is engaged in growing, harvesting, manufacturing and selling black tea, has acquired 8.52 per cent stake in Pressman Advertising Ltd for $1.1 million (Rs 7 crore), as per a stock market disclosure.
Warren Tea, which is also into travel related activities, has bought two million shares in Pressman Advertising at Rs 35 each aggregating Rs 7 crore.
Incorporated in 1970, Mumbai-based Pressman Advertising provides advertising, media planning and buying, market research, public relations, design and digital services. It is the only listed advertising agency in the country. The firm has 10 offices which are located in Mumbai, Kolkata, Delhi, Bangalore, Hyderabad, Chennai, Bhubaneswar, Nagpur, Siliguri and Patna.
Shares of Warren Tea closed at Rs 149.55 each, down 2.92 per cent while Pressman Advertising's scrip last traded at Rs 35.20, down 0.85 per cent on BSE in a weak Mumbai market on Friday.
Warren Tea, one of the largest producers and exporters of orthodox tea, also offers packaged tea apart from its peerless range of garden bulk tea.
(Edited by Joby Puthuparampil Johnson)