Tata Chemicals buys 9.7 mn shares of subsidiary Rallis India for Rs 208 cr

Tata Chemicals on Tuesday said it has acquired 97 lakh shares of its subsidiary Rallis India for Rs 208 crore through a block deal, increasing its stake by 5 per cent to 55.04 per cent.

In a regulatory filing, Tata Chemicals said the company acquired 97 lakh equity shares of Rallis India, with face value of Re 1 each, at Rs 215.05 per equity share. This represented 4.99 per cent of the paid-up share capital of Rallis.

Agri inputs firm Rallis is into manufacturing, distribution, sales and marketing of crop protection and crop nutrition products, and a variety of field crop and seeds.

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

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