Tata Steel rises on acquiring 26% stake in TP Vardhaman Surya
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Tata Steel is currently trading at Rs. 119.70, up by 0.30 points or 0.25% from its previous closing of Rs. 119.40 on the BSE.
The scrip opened at Rs. 119.40 and has touched a high and low of Rs. 120.20 and Rs. 118.40 respectively. So far 1006247 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 134.85 on 18-Sep-2023 and a 52 week low of Rs. 101.60 on 26-Dec-2022.
Last one week high and low of the scrip stood at Rs. 120.20 and Rs. 114.25 respectively. The current market cap of the company is Rs. 146168.68 crore.
The promoters holding in the company stood at 33.90%, while Institutions and Non-Institutions held 42.66% and 22.71% respectively.
Tata Steel has executed Share Purchase and Shareholders’ Agreement with Tata Power Renewable Energy and its wholly owned subsidiary, TP Vardhaman Surya and has completed the acquisition of 13,000 equity shares of face value Rs 10 each, at par, of TP Vardhaman Surya, i.e., 26% equity shareholding, for an aggregate consideration of Rs 1,30,000.
In line with Tata Group’s goal of net zero by 2045, the objective of the acquisition is to source renewable power and reduce its carbon footprint by replacing partially coal based thermal power consumption and fulfilling additional power requirement for expansion.
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.
