Tata Chemicals buys 97 lakh shares of subsidiary Rallis India for Rs 208 cr

Tata Chemicals on Tuesday said it has acquired 97 lakh shares in its subsidiary Rallis India for Rs 208 crore through a block deal, increasing its stake by 5 percent to 55.04 percent. In a regulatory filing, Tata Chemicals said the company has acquired 97lakh equity shares of Rallis India, with a face value of Re 1 each, at Rs 215.05 per equity share. This represented 4.99 percent of the paid-up share capital of Rallis.

Agri inputs firm Rallis is dedicated to the manufacture, distribution, sale, and marketing of crop protection and crop nutrition products, and a variety of crops and seeds.

Recently, Rallis reported a marginal fall in net profit of Rs. 63 crore for the June quarter as compared to Rs. 67 crore in the year-ago period.

Total income fell to Rs.765 crore in April-June this financial year from Rs.867 crore in the corresponding period of the previous year.

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