Tata Steel Ltd approves rights issue of Rs. 12800 crores

The Board of Directors of Tata Steel Ltd, at its meeting held on December 18 & 19 2017, approved the issuance of equity and equity linked instruments including ordinary shares of the Company of face value of Rs. 10 each by way of a rights issue to the existing shareholders of the Company as on the record date for an amount not exceeding Rs. 12,800 crore in accordance with the SEBI (ICDR) Regulations, 2009, as amended and other applicable laws.

Further, for the purpose of giving effect to the Issue, the Board authorized the Executive Committee of the Board to, decide the terms of the Issue including the rights entitlement ratio, total number, issue price, instrument options and other terms and conditions for the Issue.

A meeting of the ECOB will be held on January 19, 2018, to consider the above stated matters including, to determine the issue price and the record date for the issuance of Ordinary Shares to be offered in the Issue.

Shares of TATA STEEL LTD. was last trading in BSE at Rs.774.25 as compared to the previous close of Rs. 766.3. The total number of shares traded during the day was 179286 in over 3088 trades.

The stock hit an intraday high of Rs. 777.15 and intraday low of 757. The net turnover during the day was Rs. 137682438.

Source : Equity Bulls

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