Tata Steel (TSL) has on September 8, 2023, acquired 26,22,890 equity shares of Rs 10 each at an issue price of Rs 427.01 per share (including a premium of Rs 417.01 per share), of the Indian Steel & Wire Products (ISWP), a subsidiary of the Company, on preferential basis, for an amount aggregating to Rs 112 crore. These funds shall be utilized by ISWP for meeting the expenditure requirement towards its Combi-Mill project.
Prior to the Transaction, TSL held 95.01% equity stake in ISWP. Consequent to the Transaction, TSL will hold 96.53% equity stake in ISWP. On completion of the Transaction, ISWP will continue to be a subsidiary of TSL.
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.
