Tata Steel divests its entire stake in NatSteel Holdings Pte. Ltd. Singapore for an equity value of USD 172 million

T S Global Holdings (TSGH) Singapore, a 100% indirect subsidiary of Tata Steel Limited, today executed definitive agreements with TopTip Holding Pte Ltd. ("TopTip"), a Singapore based steel and iron ore trading company, to divest its 100% equity stake in NatSteel Holdings Pte. Ltd. ("NSH") for an Equity Value of USD 172 million (Rs 1,275 crores). Based on the historical performance of the transacted business, the Enterprise Value to EBITDA works out to be about 13 times. The wires business of NatSteel in Thailand (Siam Industrial wires) has been retained by Tata Steel as part of the downstream wires portfolio. The transaction has been closed today, the consideration received, and will be used for reduction of off-shore debt.

Shares of TATA STEEL LIMITED was last trading in BSE at Rs. 1295.5 as compared to the previous close of Rs. 1280.65. The total number of shares traded during the day was 541382 in over 13474 trades.

The stock hit an intraday high of Rs. 1309.6 and intraday low of 1269. The net turnover during the day was Rs. 697868783.

Source : Equity Bulls

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