The Board of Tata Steel Bsl Ltd (formerly Bhushan Steel Ltd) at its meeting held today, considered and approved (a) Issuance of Non-Convertible Redeemable Preference Shares ('Issue of NCRPS') to Tata Steel Limited, on a private placement basis for an amount not exceeding to Rs. 12,000 crore in accordance with applicable laws and regulations, and/or (b) Issuance of Non-Cumulative Optionally Convertible Redeemable Preference ('Issue of OCRPS') of up to INR 12,000 crore on a private placement basis to Tata Steel Limited in accordance with applicable laws, regulations, consents, approvals (as required).
Further, for the purpose of giving effect to the above proposals, the Board also approved consequential changes to the Memorandum and Articles of Association of the Company.
Further, for the purpose of giving effect to the above Issuance of NCRPS and/or OCRPS, the Board authorized a Committee of the Board to decide on the terms and conditions of the Issue (including the type of Security, issue price, timing of the Issue and other related matters).
The meeting of the Board commenced at 4.30 p.m. and concluded at 6:30 p.m.
Shares of Tata Steel Bsl Ltd. was last trading in BSE at Rs.35.65 as compared to the previous close of Rs. 36.65. The total number of shares traded during the day was 212538 in over 1046 trades.
The stock hit an intraday high of Rs. 36.7 and intraday low of 35.2. The net turnover during the day was Rs. 7598155.