Tata Steel has received an approval to issue equity shares and/or convertible securities (the Securities) by way of a rights issue to the existing shareholders of the company as on the record date for an amount not exceeding Rs 1,800 crore. The Rights Issue will be undertaken for funding the growth plans of the company, including by way of the proposed acquisition of steel business of UML and/or any other purpose as may be determined by the Board/Committee of the Board. The Board of Directors of the company at their meeting held on October 24, 2018, approved the same.
The Board has also given approval to issue non-convertible redeemable preference shares (Issue of NCRPS) to Tata Steel, on a private placement basis for an amount not exceeding Rs 1,000 crore in accordance with applicable laws and regulations. The isue of NCRPS will be undertaken for funding the growth plans of the company, including by way of the proposed acquisition of steel business of UML and/or any other purpose as may be determined by the Board/Committee of the Board.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.15 |
| JSW Steel | 1274.35 |
| SAIL | 173.20 |
| Jindal Stainless | 792.00 |
| APL Apollo Tubes | 2148.20 |
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