Tata Steel Acquires Rs 1,528-Crore Stake In T Steel Holdings
In July, Tata Steel had acquired a stake worth Rs 7,324.41 crore in its Singapore-based arm.
Tata Steel Ltd. has acquired more than 115 crore equity shares at a face value of $0.157 each for a total of ₹1,528.24 crore in T Steel Holdings Pte, according to the company's filing on the BSE.
TSHP will continue to be a wholly owned subsidiary of the company after this acquisition, it added.
In July, Tata Steel acquired a stake worth Rs 7,324.41 crore in its Singapore-based arm.
"In May, the company said that it will infuse money into its foreign subsidiary by subscribing to its equity shares and that the company plans to acquire the shares in one or more tranches during this financial year," NDTV Profit reported.
Tata Steel announced its first quarter results on July 31 and the firm had its best-ever sales in the quarter-ended June.
The company had also said in July that crude steel production at Tata Steel India had risen 5% year-on-year to 5.25 million tonne. However, production was lower sequentially due to planned maintenance shutdowns.
Shares of Tata Steel closed 1.82% lower at Rs 148.88 apiece, as compared to a 0.02% advance in the NSE Nifty 50.
