Shares of Tata Group firm Rallis India and parent Tata Chemicals will be in focus on Wednesday morning after Rekha Jhunjhunwala sold a 5.5 per cent stake in Rallis India for Rs 230 crore on NSE. The purchase was executed through the stock exchange via block deal.
Jhunjhunwala sold about 1.06 crore Rallis India shares via a bulk deal on the NSE. She sold 97,00,000 shares at an average price of Rs 215.05 and 9,96,091 shares at Rs 220.35. Net-net, the shares were sold at an average price of Rs 215.54 per share.
Data further showed that Tata Chemicals bought 97,00,000 shares at Rs 215.05 apiece. Tata Chemicals held 50.06 per cent stake in Rallis India as on June 30. The aforesaid acquisition has resulted in increase in shareholding of Tata Chemicals in Rallis to 55.04 per cent.
Rekha Jhunjhunwala still holds 43,75,000 shares or 2.25 per cent stake in Rallis India, if the latest shareholding pattern is to go by.
"This is to inform that the company has acquired 97,00,000 equity shares having face value of Re 1 each of Rallis India Limited, a listed subsidiary of the company, at Rs 215.05 per equity share representing 4.99 per cent of the paid-up share capital of Rallis by way of a block deal today i.e. Tuesday, July 18, 2023 at 8.45 am," Tata Chemicals said.
Shares of Tata Chemicals settled at Rs 997.60 on Tuesday, up 0.40 per cent. Rallis India shares ended at Rs 220, up 2.3 per cent.