Tata Steel increases stake in Medica TS Hospitals Pvt Ltd to 51%

Tata Steel Limited ('TSL'/'Company') has announced its stake in Medica TS Hospital Private Limited ('MTSHPL') (a joint venture company) has increased from 26% to 51% on January 7, 2022, upon conversion of:

- 5,102 (Five Thousand One Hundred and Two) Optionally Convertible Debentures ('OCD') of Rs. 1,000 each, fully paid-up, held in MTSHPL into 5,10,200 (Five Lakh Ten Thousand and Two Hundred) equity shares of face value Rs. 10/- (Rupees Ten) each, fully paid-up, ranking pari passu with the existing equity shares of MTSHPL; and

- 4,92,298 (Four Lakh Ninety-Two Thousand Two Hundred and Ninety-Eight) OCDs of Rs. 1,000 each, fully paid-up, held in MTSHPL into 4,92,29,800 (Four Crore Ninety-Two Lakh Twenty-Nine Thousand and Eight Hundred) 0.01% Optionally Convertible Redeemable Preference Shares ('OCRPS') of face value Rs. 10/- (Rupees ten) each, fully paid-up of MTSHPL.

Medica TS Hospital Private Limited ('MTSHPL') is a joint venture company between Tata Steel Limited and Medica Hospitals Private Limited. The Company is operating and managing its 100 bed multi-specialty hospital established in Kalinganagar, Odisha to provide health care facility to the general public.

MTSHPL is an integral part of the Kalinganagar operations of the Company in Odisha and services the employees and community in the area at large. The turnover of MTSHPL for the year ended March 31, 2021 was Rs. 34.98 crore.

Shares of Tata Steel Limited was last trading in BSE at Rs. 1160.20 as compared to the previous close of Rs. 1163.40. The total number of shares traded during the day was 293749 in over 14179 trades.

The stock hit an intraday high of Rs. 1174.20 and intraday low of 1147.80. The net turnover during the day was Rs. 341044946.00.

Source : Equity Bulls

Keywords

TataSteel INE081A01012 JV MedicaTSHospital Kalinganagar Odisha