Mumbai: Tata Chemicals has made an offer to purchase the entire holding of Tata Tea in Rallis India for up to Rs 249.79 crore, as part of a move to become the single largest stakeholder in the agro-chemical manufacturer.
In a filing to the Bombay Stock Exchange, Tata Tea said
it has received an offer from Tata Chemicals to purchase from
the company up to 29,38,713 equity shares (its entire holding
of 24.52 percent in Rallis India) at a price not exceeding Rs
850 per share.
As of June 30, 2009 the total promoter holding in Rallis
India stood at 45.20 percent out of which 9.40 percent stake
is being held by Tata Chemicals.
The rest 35.80 percent stake in Rallis India is being
held by other Tata group firms like Tata Tea (24.52 percent),
Tata Sons (7.52 percent), Tata Investment Corporation (2.42
percent) and Ewart Investments (1.35 percent), which Tata
Chemicals intends to purchase.
The announcement comes a day after Tata Chemicals
received the board's approval to raise its stake in Rallis
India by purchasing an additional 35.80 percent stake from
other promoter group companies in a move which would make it
the single largest shareholder in the company.
"The offer is subject to transfer of shares satisfying
all the tests prescribed under SAST Regulations for being
regarded as an inter-se transfer amongst the qualifying
promoters and being eligible for exemption from an open offer
obligation," Tata Chemicals had said in a filing to the
exchanges yesterday.
The transfer of shares would be by way of inter-se
transfer among qualifying promoters at a maximum price of Rs
850 per share and the offer of Tata Chemicals would be
considered by Tata Tea's committee of directors constituted
for this purpose.
Shares of all the three Tata group firms were trading in
the positive territory with Rallis India surging the maximum
among them to hit a 52-week-high on the BSE.
Rallis India was trading at Rs 790, up 7.20 per cent,
Tata Chemicals at Rs 268.30, up 3 per cent and Tata Tea was
hovering around Rs 900. PTI AKH DRR
Bureau Report
First Published: Thursday, August 13, 2009, 13:46