Tata Chemicals to increase stake in Rallis India
The Economic Times— August 13, 2009

Excerpts:

Tata Chemicals has decided to significantly increase its equity stake in Rallis India, a crop protection firm, by acquiring the entire shareholding of the promoter group.

Tata Chemicals on Wednesday said it intended to buy a 35.8% stake in Rallis India from other promoter firms at a price not exceeding 850-a-share.

In a press statement, Tata Chemicals said its board had approved the proposal to buy shares in Rallis India. “Tata Chemicals has a strong presence in crop nutrition business, and Rallis is among the leaders in crop protection business in agri-sector”, the statement said without divulging the rationale for the move. “The offer to buy shares in Rallis is regarded as an inter-se transfer among the qualifying promoters and being eligible for exemption from an open offer obligation,” Tata Chemicals added.