HLL sells 21.5 lakh Tata Chem shares to Tata Sons
FMCG major Hindustan Lever Ltd (HLL) has offloaded 21.50 lakh shares (around 1% stake) in Tata Chemicals Ltd (Tata Chem) through block deal window on the Bombay Stock Exchange on Tuesday. The deal was effected at the rate of Rs 214.95 per share. The total value of the deal works out to Rs 46.21 crore.
As per the shareholding pattern filed with the BSE, the promoters’ holding in Tata Chem was 28.62% and Tata Sons, one of the promoters, held 12.31% in the company. Following Tuesday’s block deal, Tata Sons’ stake in the company is expected to go up to 13.31%, and promoter’s stake close to 30%.
HLL has been gradually moving out of Tata Chem, since it acquired 8% Tata Chem stake in September 2004 following Hindustan Lever Chemicals Ltd (HLCL). The HLCL was merged with Tata Chem in January 2003 and the 2.5 shares of Tata Chem were given to shareholders of HLCL for every one share they held in HLCL. The merger became effective June 2004 and HLL held 8% stake in Tata Chem.
HLL has sold 53 lakh Tata Chem shares since it acquired these shares during July-September 2004 quarter. During this period Tata Sons’ holding in Tata Chem was at around 9.11%. HLL sold 30 lakh shares during the first quarter of FY06 and its stake came down to 6.62%.
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