Tata Sons, the promoter of major Tata group companies is planning to buy 1.11 crore shares or 4.39 per cent stake in Tata Chemicals from Tata Global Beverages (TGBL). The acquisition price would not be more than 25 per cent of Rs 609.23 per share. At the indicated price, the transaction is estimated to be around Rs 681.45 crore.
The proposed date of acquisition is on or after September 18 and the shares are proposed to be acquired at the prevailing price on the date of acquisition. Before proposed acquisition, Tata Sons’ holding in the Tata Chemicals stood at 19.35 per cent.
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.