Rallis India buys 19% stake in Metahelix Life for Rs 73.33 crore

NEW DELHI: Tata group firm Rallis India has acquired an over 19 per cent stake in its subsidiary firm Metahelix Life Science for Rs 73.33 crore.

After this transaction, Metahelix Life Science (MLS), seeds research company, has become the wholly owned subsidiary of the Rallis India.

Prior to this transaction, the Tata group firm had 80.51 stake in Metahelix.

Rallis India has acquired additional stake of 19.49 per cent in the Metahelix Life Science in all cash deal for Rs 73.33 crore, the company said in a regulatory filing.

MLS deals in seeds of rice, maize, millet and vegetable seeds along with good germplasm with many products in the pipeline.

MLS had reported a net profit of Rs 16.52 crore in the last financial year.

Rallis India is a subsidiary of Tata Chemicals with its business presence in the Farm Essentials vertical. The company deals in seeds, crop protection chemicals and plant growth nutrients, among others.

Shares of the company today closed at Rs 160.85 apiece on the BSE.