Tata Steel BSL has received an approval for allotment of 230,00,00,000-8.89% Optionally Convertible Redeemable Preference Shares (OCRPS Series II) having face value of Rs 10 each for cash aggregating to Rs 2,300 crore to Tata Steel on private placement basis. The Committee of Directors on March 25, 2019, approved the same.
Tata Steel BSL formerly known as Bhushan Steel is the largest manufacturer of auto-grade steel in India. Tata Steel BSL with a large amount of debt in proportion to its equity, is a highly leveraged company.
