Rallis acquires majority stake in Metahelix Life Sciences

MUMBAI: Rallis India Ltd, a subsidiary of Tata Chemicals, today said it has completed the acquisition of a seeds research firm Metahelix Life Sciences for an all-cash deal of Rs 100 crore.

It managed to successfully finish all the formalities required for acquisition of a majority stake of 53.5 per cent in the Bangalore-based Metahelix Life, Rallis India informed the Bombay Stock Exchange in a regulatory disclosure.

Consequently, Rallis has become the holding company of Metahelix, it said.

On December 9, Rallis India had announced picking up of a majority stake of 53.5 per cent in Metahelix Life in an all- cash deal for Rs 100 crore.

The all-cash deal was funded largely through internal accruals. The acquisition was aimed at bring in significant capabilities in seeds segment.

Rallis plans to enhance its stake in the firm up to 100 per cent in five years.

Rallis would subscribe to an additional equity of Rs 25 crore to increase its stake in Metahelix to 59.02 per cent on a fully-diluted basis.

Shares of the company closed at Rs 1,434.35, marginally up from the previous close on the BSE.