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Tata Steel acquires 34,92,500 Equity Shares of Tata Metaliks Ltd on conversion of warrants

Posted On: 2020-09-26 02:04:03


Tata Steel Limited, on September 25, 2020, has acquired 34,92,500 Equity Shares of ₹10 each pursuant to conversion of Warrants issued at a price of ₹642 per Warrant, by exercising its right to subscribe to one equity share per Warrant of face value of ₹10 each, aggregating to ₹224,21,85,000/- (of which 25% was paid on application and balance amount of ₹168,16,38,750/- was paid on September 25, 2020).

Tata Metaliks is one of India's leading producers of high-quality Pig Iron (PI) and Ductile Iron (DI) pipes. TML operates a state-of-the-art manufacturing plant near Kharagpur, West Bengal. TML's unique offerings, including variety of branded products customized to meet specific user needs, are setting industry benchmarks through quality products and service offerings.

The turnover of Tata Metaliks for FY 2019-20 is ₹2,050.63 crore.

Tata Metaliks Limited had allotted 34,92,500 Convertible Warrants to Tata Steel Limited on March 28, 2019, at a price of ₹642 per Warrant, with a right exercisable by the Warrant holder to subscribe for one equity share per Warrant of face value of ₹10 each, aggregating to ₹224.22 crore (25% paid on application).

The terms of the above issue mentioned that the Warrants may be exercised by the Warrant holder, in one or more tranches, at any time on or before the expiry of 18 months from the date of allotment of the Warrants.

Shares of TATA STEEL LTD. was last trading in BSE at Rs.351.9 as compared to the previous close of Rs. 343.85. The total number of shares traded during the day was 315688 in over 5376 trades.

The stock hit an intraday high of Rs. 355.8 and intraday low of 344.4. The net turnover during the day was Rs. 110681437.

Shares of TATA METALIKS LTD. was last trading in BSE at Rs.506.4 as compared to the previous close of Rs. 481.35. The total number of shares traded during the day was 9241 in over 547 trades.

The stock hit an intraday high of Rs. 530 and intraday low of 480.2. The net turnover during the day was Rs. 4703636.


Source: Equity Bulls

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