Tata Steel to pay $471mn to redeem dollar bonds

Tata Steel, a unit of diversified Tata Group, was expected to redeem the bonds, issued in 2007, as the equity conversion price of the securities is nearly double the current stock value of the company.

Shares of Tata Steel, which missed profit expectations for its first quarter earlier this month, fell nearly 1% to Rs 391.20, while the main Mumbai market index was up nearly 1%.

The equity conversion price of the bonds was set at about Rs 727 a share, according to Thomson Reuters data.