MUMBAI: Tata Chemicals has made an offer to purchase the entire holding of Tata Tea in Rallis India for up to Rs 249.79 crore, as part of a move
to become the single largest stakeholder in the agro-chemical manufacturer.

In a filing to the Bombay Stock Exchange, Tata Tea said it has received an offer from Tata Chemicals to purchase from the company up to 29,38,713 equity shares (its entire holding of 24.52 per cent in Rallis India) at a price not exceeding Rs 850 per share.

As of June 30, 2009 the total promoter holding in Rallis India stood at 45.20 per cent out of which 9.40 per cent stake is being held by Tata Chemicals.

The rest 35.80 per cent stake in Rallis India is being held by other Tata group firms like Tata Tea (24.52 per cent), Tata Sons (7.52 per cent), Tata Investment Corporation (2.42 per cent) and Ewart Investments (1.35 per cent), which Tata Chemicals intends to purchase.

The announcement comes a day after Tata Chemicals received the board's approval to raise its stake in Rallis India by purchasing an additional 35.80 per cent stake from other promoter group companies in a move which would make it the single largest shareholder in the company.