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    HomeNewsBusinessCompaniesTata Steel's up to $800 mn share sale starts Jan 19

    Tata Steel's up to $800 mn share sale starts Jan 19

    India's Tata Steel, the world's seventh largest steel maker, will launch its up to USD 800 mn public share sale on January 19, two sources with direct knowledge of the matter said on Wednesday.

    January 13, 2011 / 08:34 IST
       
       
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      India's Tata Steel, the world's seventh largest steel maker, will launch its up to USD 800 mn public share sale on January 19, two sources with direct knowledge of the matter said on Wednesday.


      The follow-on share offering, which has regulatory approval, will end on January 21, the sources told Reuters. They sources declined to be identified because details of the deal were not public yet.


      Officials at Tata Steel could not immediately be reached for a comment.


      Sources told Reuters on Tuesday Tata Steel would launch an up to $800 million share offer by the end of this month, after the company said it would issue 57 mn new shares in a public offer but did not give details.

      The proceeds of the issue are expected to be partially used to reduce the company's debt, which is currently around USD 10 bn.

      first published: Jan 12, 2011 10:11 pm

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