Mumbai, Sept 30 :     The Tata group today finally pulled out of Goodlass Nerolac with group company Forbes Gokak Ltd divesting its entire 28.56 per cent stake in Goodlass Nerolac to Kansai Paint Co Ltd of Japan for Rs 98.56 crore at Rs 250 per share. Kansai Paint will now emerge as the majority shareholder in Goodlass Nerolac with a stake of around 65 per cent. The Japanese major held around 36 per cent of the company?s equity. Forbes Gokak officials said since the proposed transfer of shares is intra-company, the deal will be exempt under one of the provisions of regulation 3 of the Sebi (substantial acquisition of shares and takeover) Regulations, 1997. According to the Sebi rule, an open offer is not mandatory in such instances. The proposed transfer of Forbes Gokak shareholding in Goodlass Nerolac to Kansai is in accordance with the terms of the original shareholders? agreement between the two parties under which either party is required to offer its shareholding to the other in the first instance, the company said in a press statement. ?For Forbes Gokak, with its own diverse manufacturing and service activities which are not in any way related to the paints industry, the shareholding in Goodlass Nerolac is now in the nature of a pure investment on which it receives dividend income,? the Tata group company said. The last dividend received by Forbes Gokak and its associates for the fiscal year ended March 1999 amounted to Rs 2.57 crore, which, on the value to be received on the transfer of the shares worth Rs 98.56 crore, will represent a return of 2.60 per cent. Forbes Gokak, which is largely involved in the textiles business, said that considering its plans in the existing and related businesses, which would require large investment, ?it is considered appropriate to divest Forbes Gokak?s investment in Goodlass Nerolac so as to be able to utilise the realised funds in a manner which would benefit our shareholders.? Corporate observers were not surprised by the deal since the house of Tatas had already indicated its preference to pull out of Goodlass Nerolac as it was not on its list of core businesses. New TIL chairman Shyamal Gupta has been appointed chairman of Tata International Ltd (TIL), the international business arm of the Tata group. The appointment of Gupta, who retired from TIL today as executive vice-chairman, is with effect from tomorrow.