Tata Steel Long Products Ltd makes further investment of Rs. 300 crore in Neelachal Ispat Nigam Ltd

Tata Steel Long Products Limited has, on November 24, 2022, further acquired 4,68,75,000 equity shares of ₹10/- each at a premium of ₹54 per share, of Neelachal Ispat Nigam Limited ('NINL'), a subsidiary of the Company, for an amount aggregating to ₹300 crore (hereinafter referred to as the 'Transaction'), being Tranche 2 of the investment in the equity shares of NINL.

The proposed funding will be utilized towards the initial working capital and capex requirement of the NINL including start-up of iron and steel plant at Kalinganagar, repayment / prepayment of liabilities and for other general corporate purposes.

NINL initially set up a 1.1 MTPA blast furnace in 2002 to produce pig iron. Subsequently, other supporting facilities like sinter plant, coke oven plant, power plant, etc. were commissioned.

Shares of Tata Steel Long Products Limited was last trading in BSE at Rs. 636.75 as compared to the previous close of Rs. 634.50. The total number of shares traded during the day was 12063 in over 312 trades.

The stock hit an intraday high of Rs. 640.15 and intraday low of 622.45. The net turnover during the day was Rs. 7700082.00.

Source : Equity Bulls

Keywords

TataSteelLongProducts INE674A01014 FurtherInvestment NeelachalIspatNigam