Tata Steel offering to raise up $800 mn by end-Jan: Sources

Tata Steel, the world's seventh largest steel maker, plans to raise up to USD 800 mn through a share sale expected to be launched in the last week of this month, three sources with direct knowledge said.

The company is awaiting regulatory approval for the offering and will hold a news conference next week to provide details of the share offering, the sources told Reuters on Tuesday. They declined to be identified because details of the deal were not public yet.

A Tata Steel spokesman declined to comment.

The company said earlier on Tuesday it would issue 57 mn new shares in a public offer, but did not give details of when it would hit the market or how much it was planning to raise through the offering.

At its closing price of Rs 647.60 on Tuesday, 57 mn shares of Tata Steel are valued at Rs 3700 crore (USD 819 mn).