Tata Steel has acquired 3,55,871 equity shares of Rs 10 each at a premium of Rs 130.50 per share, of Tata Steel Downstream Products (TSDPL), a wholly owned subsidiary of the Company, for an amount aggregating to Rs 5 crore, for a cash consideration. These funds will be utilized by TSDPL for further investment in Tata steel Advanced Materials, a wholly owned subsidiary of the Company, for business synergy and for other general corporate purposes.
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.
