Rallis India to issue shares to Tata Chemicals Ltd

Rallis India Ltd has announced that the Board of Directors of the Company at its meeting held on September 22, 2009, inter alia, has approved, subject to the approval of the members of the Company, an issue of Equity Shares not exceeding 9,80,000 to the main Promoter of the Company, Tata Chemicals Ltd. on a preferential basis, in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations). The proposed issue will be made at a price to be determined as per the applicable ICDR Regulations. This will increase the promoter holding by less than 5% in this financial year and consequently this issue will not trigger any open offer obligation under SEBI Takeover Code, 1997.

The Rallis India stock closed the day at Rs.905.65, up by Rs.9.30 or 1.04%. The stock hit an intraday high of Rs.936 and low of Rs.861.

The total traded quantity was 9047 compared to 2 week average of 23447.

Source : Equity Bulls

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