Tata Chem hikes stake in Rallis India to 50%
The Hindu Business Line — November 10, 2009

MUMBAI: Tata Group firm Tata Chemicals has raised its stake in another group firm Rallis India to 50.06 per cent after buying shares worth Rs 89.03 crore on preferential basis.

Tata Chemicals has been allotted 9.8 lakh shares, representing 4.09 per cent stake in the agro-chemical firm, at Rs 908.51 a piece, aggregating to Rs 89.03 crore, Rallis India said in a filing to the Bombay Stock Exchange.

With the acquisition, Tata Chemicals' stake in Rallis India increased to 50.06 per cent from 45.97 per cent. Consequently, Rallis India has now become the subsidiary of the company.

Tata Chemicals held 45.97 per cent stake as on Sep 30 while total promoter holding in Rallis India stood at 46.10 per cent, according to shareholding pattern available on the stock exchanges. The rest 0.13 per cent stake is being held by Tata Investment Corporation (0.08 per cent), and Ewart Investments (0.04 per cent). - PTI