Tata Steel Long Products moves up on getting nod to raise Rs 13,300 crore via NCRPS
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Tata Steel Long Products is currently trading at Rs. 749.70, up by 11.00 points or 1.49% from its previous closing of Rs. 738.70 on the BSE.
The scrip opened at Rs. 720.60 and has touched a high and low of Rs. 759.00 and Rs. 720.60 respectively. So far 2760 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1174.55 on 16-Jul-2021 and a 52 week low of Rs. 640.00 on 15-Feb-2021.
Last one week high and low of the scrip stood at Rs. 760.00 and Rs. 718.05 respectively. The current market cap of the company is Rs. 3373.48 crore.
The promoters holding in the company stood at 74.91%, while Institutions and Non-Institutions held 5.53% and 19.56% respectively.
Tata Steel Long Products has received approval from its board for the proposal of fund raising by way of issuance of unlisted Non-Convertible Redeemable Preference Shares (NCRPS) for an amount not exceeding Rs 13,300 crore to Tata Steel. Proposed NCRPS will be allotted to Tata Steel, promoter of the company on private placement basis at nominal value Rs 100 each, subject to shareholders’ approval.
The NCRPS are proposed to be issued for a period not exceeding 20 years from the date of allotment and shall be redeemed at maturity at a premium of Rs 574.63 per NCRPS. Dividend on NCRPS is payable at 0.01 % p.a. (Discretionary).
Tata Steel Long Products is one of India’s largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.
