Tata Steel Ltd.

Tata Steel has reportedly appointed domestic investment banks to manage its proposed rights issue of about $2 billion. The company has appointed Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets to manage the said issue.

The company is looking to launch the issue as early as January. The approval to the rights issue by the board is part of the financing strategy to de-leverage.

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.