Rallis India witnessed a Rs 230 crore block deal on July 18 between its parent Tata Chemicals, and ace investor late Rakesh Jhunjhunwala’s wife, Rekha Jhunjhunwala. 

Rekha Jhunjhunwala sold a 5.5% stake, equivalent to 1.06 crore, in the Tata Group company via a block deal on the National Stock Exchange (NSE) at an average price of Rs 215.54 apiece. She sold 9,96,091 shares at an average price of Rs 220.35. 

Mrs Jhunjhunwala still holds 43.75 lakh shares or 2.25% stake in Rallis India post the sale. 

Jhunjhunwala sold the 4.99% stake, or 97,00,000 shares, purchased by Tata Chemicals at an average price of Rs 215.05. The company informed the NSE in a statement, “The aforesaid acquisition has resulted in increase in shareholding of the Company in Rallis to 55.04%.”

As per the shareholding data of Rallis India on June 30, promoters Tata Chemicals owned 50.06%, Ewart Investments held 0.04% of the company, while the rest is with public shareholders. 

Rallis also announced its quarterly results recently. The company posted a marginal decrease in its net profit in the April-June of this financial year to Rs 63 crore from Rs 67 crore in the year-ago period.

Total income fell to Rs 765 crore in the June quarter of FY23 from Rs 867 crore in the corresponding period of the previous year.