As a pre-Christmas gift, Government has allowed WPP Holding’ Mauritius subsidiary to increase its equity stake from 60 per cent to 74 per cent in Hindustan Thompson Associates, India’s largest agency.
Global advertising major WPP will be buying shares worth Rs 57.60 crores to up its stake from 60 per cent to 75 per cent. According to agency sources, WPP will be buying almost 68,000 shares from the employees of HTA.
As reported earlier, WPP had agreed to buy one equity share of Rs 100 for Rs 8090. With getting the approval from the government HTA employees can expect the windfall in the beginning of next year.
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