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Tata Steel Ltd updates on call money to be paid on partly paid up shares

Posted On: 2019-03-16 08:55:20

Tata Steel Ltd had issued and allotted fully paid and partly paid equity shares of the Company, for Rs. 12,800 crore pursuant to a simultaneous but unlinked rights issue of fully paid and partly paid equity shares of the Company ('Rights Issue').

Pursuant to applicable law, the first and final call on partly paid shares was to be made within 12 months from the date of allotment.

In terms of regulatory clarification(s) received, the Company is permitted to make the call on partly-paid shares beyond 12 months if (i) the issue size exceeds Rs. 500 crore and (ii) the Company complies with the requirement under the applicable SEBI (Issue of Capital and Disclosure Requirements) Regulations regarding monitoring agency. The Company is in compliance with these conditions.

Accordingly, the Company will, at the appropriate time as determined by the Board of Directors, make the first and final call on the partly paid shares of the Company and appropriate disclosures in this regard, will be made.

Shares of TATA STEEL LTD. was last trading in BSE at Rs.513.6 as compared to the previous close of Rs. 524.15. The total number of shares traded during the day was 493482 in over 5468 trades.

The stock hit an intraday high of Rs. 524.15 and intraday low of 512.35. The net turnover during the day was Rs. 254855076.


Source: Equity Bulls

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