Tata Chemicals Ltd, proposes to raise up to Rs 325 crore by offloading its investment in Tata Investment Corporation Ltd (TICL) to Tata Sons Ltd. In a filing with the stock exchanges, the company has disclosed its proposed share sale in TICL, where it has a total holding of 52.97 lakh shares or 15.37%.
The company in its filing further stated that the number off shares proposed to sale is based on the acquisition price per share.
Tata Chemicals proposes to offload not less than 46 lakh shares (13.35% of share capital) or greater than 50 lakh shares (14.51% of share capital) in TICL.
Dealers said, the proposed move from the Tata Chemicals to sale part of its stake in TICL could be to raise funds to part finance its recent acquisition in the US of around $1 billion. However, the company officials could not be reached for comment on the issue.
The sale price will be at the prevailing price on the date of proposed sale, such price not being less than Rs 600 per share or greater than Rs 650 per share.
The company would garner Rs 276 crore if it offloads minimum 46 lakh shares at Rs 600 and at the rate of Rs 650, the company will be able to raise Rs 299 crore.
