Kolkata-based Warren Tea Ltd acquired an 8.52 per cent stake in Pressman Advertising Ltd through open market purchases, the company said in a filing with the Bombay Stock Exchange.
Warren Tea picked up two million shares of the target company at Rs 35 a share for Rs seven crore.
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. Warren Tea is also into travel related activities.
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.