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Tata Steel inches up on acquiring stake in TRF on private placement basis

Tata Steel inches up on acquiring stake in TRF on private placement basis

Tata Steel is currently trading at Rs. 105.55, up by 0.05 points or 0.05% from its previous closing of Rs. 105.50 on the BSE.

tata steel surges on the bourses
Tata Steel

The scrip opened at Rs. 105.85 and has touched a high and low of Rs. 106.90 and Rs. 105.30 respectively. So far 649234 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 138.63 on 06-Apr-2022 and a 52 week low of Rs. 82.71 on 23-Jun-2022.

Last one week high and low of the scrip stood at Rs. 112.85 and Rs. 103.70 respectively. The current market cap of the company is Rs. 129139.99 crore.

The promoters holding in the company stood at 33.90%, while Institutions and Non-Institutions held 41.65% and 23.72% respectively.

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.