Tata Steel announces Further Public Offer of 57 million shares

Tata Steel Ltd has announced that the Committee of Directors of the Company at its meeting held on January 11, 2011, approved a Further Public Issue of 57 million Ordinary Shares of Rs. 10 each of the Company for such price as may be determined through the book-building process under the SEBI (Issue of Capital and Disclosure Requirements), Regulations, 2009, as amended ("SEBI Regulations"). This includes a reservation for eligible employees for 1.5 million Ordinary Shares of Rs. 10 each (the "Issue").

The price band and the minimum bid lot for the Issue will be decided by the Company in consultation with the book running lead managers and will be advertised at least one working day prior to the bid/Issue opening date.

The Issue will open after completion of all necessary regulatory requirements.

The stock closed the day at Rs.647.60, down by Rs.3.10 or 0.48%. The stock hit an intraday high of Rs.660.20 and low of Rs.641.65.

The total traded quantity was 16.13 lakhs compared to 2 week average of 13.01 lakhs.

Source : Equity Bulls

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