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MUMBAI: Tata Group firm Tata Tea said on Tuesday that its committee of directors has approved sale of its entire holding of 24.52 per cent in Rallis India to Tata Chemicals for up to Rs 249.79 crore.

 

The meeting of committee of directors held today has decided to accept the offer of Tata Chemicals to buy 29,38,713 shares of Rallis India from Tata Tea, by way of inter-se transfer among promoters at a price not exceeding Rs 850 per share, Tata Tea said in a filing to the Bombay Stock Exchange.

 

As of June 30, the total promoter holding in Rallis India stood at 45.20 per cent, of which 9.40 per cent stake is being held by Tata Chemicals.

 

The rest 35.80 per cent stake in Rallis India is being held by other Tata group firms like Tata Tea (24.52 per cent), Tata Sons (7.52 per cent), Tata Investment Corp (2.42 per cent) and Ewart Investments (1.35 per cent), which Tata Chemicals intends to purchase.