Tata Steel gains on acquiring additional stake in Neelachal Ispat Nigam
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Tata Steel is currently trading at Rs. 111.70, up by 0.55 points or 0.49% from its previous closing of Rs. 111.15 on the BSE.
The scrip opened at Rs. 111.30 and has touched a high and low of Rs. 112.10 and Rs. 111.30 respectively. So far 37392 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 138.63 on 06-Apr-2022 and a 52 week low of Rs. 82.71 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 114.15 and Rs. 110.35 respectively. The current market cap of the company is Rs. 135862.84 crore.
The promoters holding in the company stood at 33.90%, while Institutions and Non-Institutions held 41.65% and 23.72% respectively.
Tata Steel has acquired 4,68,75,000 equity shares of Rs 10 each at a premium of Rs 54 per share, of Neelachal Ispat Nigam (NINL), an unlisted indirect subsidiary of the Company, for an amount aggregating to Rs 300 crore, being Tranche 1 of the investment in the equity shares of NINL.
The proposed funding will be utilized towards the working capital and capex requirement of NINL including start-up of iron and steel plant at Kalinganagar, repayment/prepayment of liabilities and for other general corporate purposes.
Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.
