Tata Steel Ltd to raise Rs. 9000 crores

The Board of Directors of Tata Steel Ltd at the meeting held today (between 1:00 pm through 10:00 pm) reviewed the performance, capital structure and financing plan of the Company. Based on the review and pursuant to the existing shareholders approval, the Board approved issue of debt securities of up to Rs. 9,000 crore in the form either of Non-Convertible Debentures on private placement basis or Foreign Currency or Rupee Denominated Bonds or a combination thereof in one or more tranches.

The funds will primarily be deployed towards re-financing the existing debt, capex/working capital requirements and general corporate purposes. The Board of Directors also authorized the Finance Committee of the Board to determine and approve the timing and terms of such issue of securities.

Shares of TATA STEEL LTD. was last trading in BSE at Rs.454 as compared to the previous close of Rs. 451.45. The total number of shares traded during the day was 519793 in over 6497 trades.

The stock hit an intraday high of Rs. 454.95 and intraday low of 448.6. The net turnover during the day was Rs. 235022995.

Source : Equity Bulls

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