Tata Steel has acquired 1,40,51,522 equity shares of face value Rs 10 each, at a premium of Rs 2.81 per share (total Rs 12.81 per share), of Tata Steel Advanced Materials (TSAML), a wholly-owned subsidiary of the company, for an amount aggregating to around Rs 17.99 crore.
TSAML will be utilizing the proceeds primarily towards funding the growth plans of TSAML, onward infusion of funds in subsidiaries of TSAML and other investments of TSAML and/or for other general corporate purposes. The Transaction was completed on July 27, 2023.
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.
