Tata Chemicals becomes largest shareholder in Rallis after stake buy
20 Aug 2009
Tata Chemicals has emerged the largest shareholder in Rallis India, with a 45.08-per cent equity stake, after it acquired the stakes of four other promoter Tata companies.
Tata Chemicals bought 42,75,869 shares amounting to a 35.68-per cent stake in Rallis India. These comprise shares belonging to Tata Tea (29,38,713), Tata Sons (9,00,750), Tata Investments Corporation (2,79,436), and Ewart Investments (1,56,970).
Tata Chemicals reportedly paid Rs363.44 crore to acquire a total of 35.68 per cent stakes held by the four companies at Rs850 a share.
Tata Chemicals has a strong presence in the crop nutrition business while Rallis India is among the leaders in the crop protection business.
Tata Chemicals had, last week, said the board of the company had approved a proposal to purchase up to 35.80 per cent stake from other promoter group companies as inter-se transfer amongst the qualifying promoters at a price to be determined in accordance with the applicable SEBI and stock exchange regulations, but not exceeding Rs850 per equity share.
Earlier, Tata Chemicals held 9.4 per cent in Rallis. Four other Tata firms held the remaining promoter stake. Tata Tea held 24.52 per cent, Tata Sons 7.52 per cent, Tata Investment Corp 2.42 per cent and Ewart Investments held 1.35 per cent.
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