TRF Limited board approves issue of OCRPS and NCRPS to Tata Steel

The Board of Directors of TRF Limited at its meeting held today, i.e., Monday, March 14, 2022, considered and approved, the issuance of 11.25% Optionally Convertible Redeemable Preference Shares ("OCRPS") for an aggregate amount not exceeding ₹25 crore (Rupees Twenty Five crore), on a private placement basis, to Tata Steel Limited, in accordance with applicable laws, regulations, consents, approvals (as required), and 12.17% (effective yield) Non-Convertible Redeemable Preference Shares ('NCRPS'), for an amount not exceeding ₹239 crore (Rupees Two Hundred Thirty-Nine crore only), on a private placement basis to Tata Steel Limited, in accordance with applicable laws, regulations, consents, approvals (as required).

The OCRPS are proposed to be issued for a period not exceeding 18 months from the date of allotment and shall be redeemed at par or may be redeemed early at the option of the Company, quarterly at 3-month intervals from date of allotment.

Shares of TRF Limited was last trading in BSE at Rs. 127.45 as compared to the previous close of Rs. 123.00. The total number of shares traded during the day was 1511 in over 128 trades.

The stock hit an intraday high of Rs. 128.80 and intraday low of 119.20. The net turnover during the day was Rs. 190115.00.

Source : Equity Bulls

Keywords

TRF INE391D01019 FundRaising OCRPS NCRPS TataSteel