Shares of Rallis India rose over 4 per cent today after the company announced it will acquire an additional 26.37 per cent stake in its arm Zero Waste Agro-Organics for nearly Rs 20 crore.
The stock gained 4.23 per cent to Rs 196.70 on the BSE. On theNSE, it climbed 4.43 per cent to Rs 196.60.
Tata group’s agro-chemical firm Rallis India will acquire an additional 26.37 per cent stake in its arm Zero Waste Agro-Organics for nearly Rs 20 crore, making the company a wholly-owned subsidiary.
After the acquisition, Rallis India’s stake will increase to 100 per cent in Zero Waste Agro-Organics Ltd (ZWAOL), which manufactures organic compost.
In a filing to the BSE yesterday, Rallis India had informed that the company has “signed an agreement for increasing its stake in its subsidiary Zero Waste Agro-Organics Ltd from 73.63 per cent to 100 per cent’’.