Tata Steel has received approval for proposal to infuse funds up to $2.11 billion (around Rs 17,407.50 crore), by way of subscription to equity shares of T Steel Holdings Pte. (TSHP), wholly owned foreign subsidiary of the Company, in one or more tranches, during FY2024-25.
The funds will be utilised towards repayment of external debt in Tata Steel’s offshore subsidiaries and to support the restructuring cost in Tata Steel UK, wholly owned subsidiary of Tata Steel. Further, the existing debt instruments of $565 million (around Rs 4,661.25 crore), held by Tata Steel in TSHP will be converted into equity shares of TSHP which will continue to be held by Tata Steel.
With the above transactions, Tata Steel will continue to hold 100% equity shareholding in TSHP. The Board of Directors of Tata Steel at its meeting held on May 29, 2024 has approved the same.
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.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.05 |
| JSW Steel | 1239.90 |
| SAIL | 173.50 |
| Jindal Stainless | 787.90 |
| APL Apollo Tubes | 2105.45 |
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