Shares of Rallis India Ltd. gained as much as 7 percent on Tuesday after promoter Tata Chemicals increased its stake in the company through a block deal.

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Tata Chemicals informed the exchanges that it acquired an additional 4.99 percent stake in Rallis India worth Rs 208.6 crore. The 97 lakh shares were acquired at a price of Rs 215.05 apiece.

Post the transaction, Tata Chemicals has increased its stake in Rallis India to 55.04 percent. This was done to consolidate the promoter holding in the company.

Rallis India is engaged in the business of manufacturing, distribution, sales and marketing of crop protection and crop nutrition Products and a variety of field crops and seeds.

Apart from India, the company has a presence in North America, South America, Europe, Middle East, Africa and Asia Pacific.

As on March 31, 2023, Rallis India’s turnover stood at Rs 2,967 crore.

In the March quarter, Tata Chemicals posted a 62 percent year-on-year (YoY) jump in net profit at Rs 709 crore and total revenues surged 26.6 percent YoY to Rs 4,407 crore in the fourth quarter that ended March 31, 2023.

Shares of Rallis India are off opening highs but are trading 3.4 percent higher at Rs 222.35.