Tata Steel has acquired 7,40,00,000 - 12.17% (effective yield) Non-cumulative, Non-convertible, Non-participating, Redeemable Preference Shares (‘NCRPS’) of face value Rs 10 each of TRF, a listed associate company of the company, aggregating to Rs 74 crore (NCRPS Series - 2), on private placement basis.
The NCRPS are being acquired to assist TRF in meeting its additional working capital requirements, repayment/prepayment of the whole or a part of the existing indebtedness of TRF (including to financial or operational creditors) and/or 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.
