Tata Steel rises on acquiring additional stake in Indian Steel & Wire Products
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Tata Steel is currently trading at Rs. 130.20, up by 0.65 points or 0.50% from its previous closing of Rs. 129.55 on the BSE.
The scrip opened at Rs. 129.50 and has touched a high and low of Rs. 130.35 and Rs. 129.20 respectively. So far 891313 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 132.85 on 04-Sep-2023 and a 52 week low of Rs. 95.00 on 28-Sep-2022.
Last one week high and low of the scrip stood at Rs. 132.85 and Rs. 128.20 respectively. The current market cap of the company is Rs. 158390.14 crore.
The promoters holding in the company stood at 33.90%, while Institutions and Non-Institutions held 41.40% and 23.97% respectively.
Tata Steel (TSL) has on September 8, 2023, acquired 26,22,890 equity shares of Rs 10 each at an issue price of Rs 427.01 per share (including a premium of Rs 417.01 per share), of the Indian Steel & Wire Products (ISWP), a subsidiary of the Company, on preferential basis, for an amount aggregating to Rs 112 crore. These funds shall be utilized by ISWP for meeting the expenditure requirement towards its Combi-Mill project.
Prior to the Transaction, TSL held 95.01% equity stake in ISWP. Consequent to the Transaction, TSL will hold 96.53% equity stake in ISWP. On completion of the Transaction, ISWP will continue to be a subsidiary of TSL.
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.
