Tata Chemicals gains on receiving shareholders' approval for sale of Haldia unit

11 Jan 2018

Tata Chemicals is currently trading at Rs. 765.00, up by 2.05 points or 0.27% from its previous closing of Rs. 762.95 on the BSE.

The scrip opened at Rs. 763.00 and has touched a high and low of Rs. 768.55 and Rs. 763.00 respectively. So far 4,543 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 779.45 on 09-Jan-2018 and a 52 week low of Rs. 508.50 on 11-Jan-2017.

Last one week high and low of the scrip stood at Rs. 779.45 and Rs. 749.00 respectively. The current market cap of the company is Rs. 19,490.00 crore.

The promoters holding in the company stood at 30.80%, while Institutions and Non-Institutions held 42.79% and 26.14% respectively.

Tata Chemicals has received approval from majority of shareholders for sale of its Haldia fertiliser unit in West Bengal to Netherlands-based Indorama Holdings BV for Rs 375 crore. The company had sought approval from the shareholders through a special resolution.

Earlier, the board had already approved the sale of the Phosphatic fertiliser business by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV.

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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