Tata Chemicals rises on receiving CCI nod for sale of its urea, customized fertilisers business

28 Nov 2016

Tata Chemicals is currently trading at Rs. 475.55, up by 10.50 points or 2.26% from its previous closing of Rs. 465.05 on the BSE.

The scrip opened at Rs. 470.00 and has touched a high and low of Rs. 481.00 and Rs. 467.00 respectively. So far 30,274 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 585.10 on 24-Oct-2016 and a 52 week low of Rs. 310.05 on 26-Feb-2016.

Last one week high and low of the scrip stood at Rs. 481.00 and Rs. 445.50 respectively. The current market cap of the company is Rs. 12,114.93 crore.

The promoters holding in the company stood at 30.80%, while Institutions and Non-Institutions held 48.10% and 21.10% respectively.

Tata Chemicals has received an approval from the Competition Commission of India (CCI) for the proposed acquisition of its urea and customized fertilisers business by Norway’s Yara Fertilisers. Under the deal, Tata Chemicals will sell its urea plant in Babrala, Uttar Pradesh, which has an annual capacity of about 1.2 million tonnes for an estimated Rs 2,670 crore.

The company will transfer the business of sale and distribution of urea and customized fertilizers, manufactured in Babrala, UP, by way of a slump sale to Yara Fertilisers. The urea business, along with the assets, liabilities and contracts, among others, will be transferred to Yara India.

Tata Chemicals is the second-largest producer of soda ash in the world with manufacturing facilities in India, UK, Kenya and USA. It is India’s leading crop nutrients player and a leading player in crop protection business through its subsidiary Rallis India.

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