Tata Steel FPO to open on January 19
India's largest steel maker Tata Steel is set to enter capital markets with a follow-on public offer of 5.7 crore equity shares on January 19.
January 14, 2011 / 21:50 IST
India's largest steel maker Tata Steel is set to enter capital markets with a follow-on public offer of 5.7 crore equity shares on January 19. The issue comprises a net issue to the public of 5.55 crore shares and a reservation of 1,500,000 shares for subscription by eligible employees.
The issue, which closes on January 21, would constitute 5.94% of the post-issue paid-up equity share capital of the company.Tata Steel has a steel production capacity of approximately 27.2 mtpa. According to WSA, the company was the seventh largest steel company in the world in terms of crude steel production volume in 2009. The company is also one of the most geographically diversified steel producers, with operations in 26 countries and a commercial presence in more than 50 countries. The company is likely to raise around Rs 3500 crore through the issue at closing price of Rs 621.70 on January 14.Tata Steel intends to use issue proceeds for partly financing the company
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
