Rekha Jhunjhunwala Offloads 5.5% Stake in Tata Group Firm Rallis India; Details - News18
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Last Updated: July 19, 2023, 11:08 IST
Rekha Jhunjhunwala offloaded 97 lakh shares or nearly 5 percent stake in Rallis India
Jhunjhunwala Portfolio: Rekha Jhunjhunwala sold a 5.5 per cent stake in Rallis India for Rs 230 crore on NSE
Tata Group company Rallis India shares were in focus in trade on Wednesday 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.
The ace investor sold about 1.06 crore shares in Rallis India through a bulk deal on the NSE. Jhunjhunwala offloaded 97 lakh shares in the company at an average price of Rs 215.05 apiece, and 9,96,091 shares at an average price of Rs 220.35. All in all, the shares were sold at an average price of Rs 215.54 apiece, as per data available with the exchanges.
Meanwhile, promoter Tata Chemicals bought 97 lakh shares or 4.99 percent of the paid-up share capital of Rallis India at an average price of Rs 215.05 per share.
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.
Meanwhile, mutual funds have 12.15 percent, and foreign portfolio investors own as much as 8 percent stake in the company, among the public shareholders.
Recently, Rallis India, which is a subsidiary of Tata Chemicals and a part of the $128-billion Tata Group, reported a marginal fall in net profit at Rs 63 crore for June quarter on lower income. The company’s net profit stood at Rs 67 crore in the year-ago period.
Total income fell to Rs 765 crore in April-June of this financial year from Rs 867 crore in the corresponding period of the previous year.
Sanjiv Lal, Managing Director & CEO, Rallis India, said, “Crop care business has been affected by high market inventories, steep price drops and delayed onset of monsoon. Margins were largely maintained through better product mix and dynamic pricing actions. We remain cautious about the international market demand recovery during the second half of the year once the inventory situation gradually eases out. Sentiments for the domestic market are positive with the recent uptick in monsoons."
Notwithstanding the near-term challenges, the CEO said the company’s long-term strategy remains unchanged, focused on increasing manufacturing capacities, product portfolio expansion and widening market reach.
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.
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