The board of Tata Chemicals, at their meeting held today decided to increase its equity shareholding in Rallis India by offering to purchase equity shares from other qualifying “Promoter Group” Tata companies (i.e., Tata Tea, Tata Sons, Tata Investment Corporation and Ewart Investments) through inter-se transfer of shares. Tata Chemicals has a strong presence in crop nutrition business and Rallis is amongst the leaders in crop protection business in agri-sector.
The board of Tata Chemicals today approved a proposal to purchase upto 35.80 per cent shares from other promoter group companies as inter-se transfer amongst the qualifying promoters at a price which will be determined in accordance with the applicable SEBI (Substantial Acquisition of Shares & Takeover) Regulations 1997 (SAST Regulations) and the Rules of the Stock Exchanges, if applicable but in any event not exceeding Rs850 per equity share.
This offer is subject to transfer of shares satisfying all the tests prescribed under the SAST Regulations for being regarded as an inter-se transfer amongst the qualifying promoters and being eligible for exemption from an open offer obligation.