Mumbai-India’s Tata Chemicals Ltd. plans to raise Rs 4bn through a preferential allotment of shares to Tata Sons to partially finance the capacity expansion of its fertilizer plant in Babrala in Uttar Pradesh. The company would issue 11.5 million preferential shares to Tata Sons, which will increase its holding in Tata Chemicals from 28.15 to 30.4 percent. Tata Chemicals said the capacity of the Babrala unit, which makes urea and ammonia, would increase to 2.2 million mt from its current 1.2 million mt. The total project cost is Rs 38bn.
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