FROM OUR CORRESPONDENT   Mumbai, Nov. 7:  Cadbury Schweppes Plc, the UKbased con fectionery giant, today said it was considering a move to increase its stake in Cadbury India Ltd, con firming market speculation on the issue. In a communication to the Bombay Stock Exchange (BSE) today, Cadbury India Ltd said that its parent Cadbury Schweppes Plc is investigating the possibility of increasing its stake in the Indian company, subject to legal, regula tory and corporate requirements. It added while a decision on in creasing the stake has not yet been reached, the price is not likely to exceed Rs 500 per share in case of such a move. A recent amendment in the Companies Act enables compa nies to raise their stake by 10 per cent either through the creeping acquisition or buyback route, without obtaining shareholder ap proval. Cadbury Schweppes presently holds a 51 per cent stake in the company. Among others, the holding of the Indian public is put at 27.55 per cent, UTI and mu tual funds at 5.57 per cent and banks/FIs at 6.36 per cent. Even as the move confirmed market speculation, indications that the price at which the stake would be mopped up will not ex ceed Rs 500 per share came as a big disappointment for the bourses, which were expecting a price of at least Rs 600 per share. The disappointment over the price indicated by Cadbury Schweppes was reflected in the movement of the Cadbury India scrip on the BSE today. Opening at Rs 439, it hit an intraday high of Rs 450 and dipped to a low of Rs 411, before closing at Rs 418.50. The counter witnessed 2,414 trades involving 65,864 shares, that resulted in a turnover of Rs 2.83 crore. In fact, the scrip had posted good gains on speculation of the parent hiking its stake in Cadbury India, which has been doing the rounds of the bourses in the past few days. The company conducted a strategic review of its business this year and developed a new growth strategy.Faced with a poor per capita consumption of confec tionery in the country, Cadbury India has chalked out a strategy of increasing chocolate consump tion through lowprice packs. New chief Bharat Puri has been appoint ed as managing director of Cad bury India from January 1. The present incumbent, Matthew Cad bury, will return to UK early next year. Puri joined Cadbury India in 1998 as director sales and market ing.