Mumbai: Tata Chemicals has made an offer to purchase the entire holding of Tata Tea in Rallis India for up to Rs249.79 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% in Rallis India) at a price not exceeding Rs850 per share.
As of 30 June 2009 the total promoter holding in Rallis India stood at 45.20% out of which 9.40% stake is being held by Tata Chemicals.
The rest 35.80% stake in Rallis India is being held by other Tata group firms like Tata Tea (24.52%), Tata Sons (7.52%), Tata Investment Corporation (2.42%) and Ewart Investments (1.35%), 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% 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 exchange on Wednesday.
The transfer of shares would be by way of inter-se transfer among qualifying promoters at a maximum price of Rs850 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 Rs790, up 7.20%, Tata Chemicals at Rs268.30, up 3% and Tata Tea was hovering around Rs900.