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Tata Steel Long Products gets nod to raise Rs 13,300 crore via NCRPS

11 Feb 2022 Evaluate

Tata Steel Long Products has received approval from its board for the proposal of fund raising by way of issuance of unlisted Non-Convertible Redeemable Preference Shares (NCRPS) for an amount not exceeding Rs 13,300 crore to Tata Steel. Proposed NCRPS will be allotted to Tata Steel, promoter of the company on private placement basis at nominal value Rs 100 each, subject to shareholders’ approval.

The NCRPS are proposed to be issued for a period not exceeding 20 years from the date of allotment and shall be redeemed at maturity at a premium of Rs 574.63 per NCRPS. Dividend on NCRPS is payable at 0.01 % p.a. (Discretionary).

Tata Steel Long Products is one of India’s largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.

Tata SteelLong-Amalg Share Price

829.45 0.00 (0.00%)
16-Nov-2023 17:59 View Price Chart
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