Country's largest steel maker Tata Steel is going to launch its follow-on public offer (FPO) soon. On Tuesday, the board of directors approved 5.7 crore shares FPO.
The company is likely to raise Rs 3,750 crore via FPO at current market price. CNBC-TV18 learnt that Tata Steel may file draft red herring prospectus (DRHP) for FPO today and is likely to be a fast track FPO. Issue will open for subscription on January 19 and close on January 21, 2011, say sources. It may be priced at 4.5% discount to current market price. Deutsche Bank, StanChart, Citi Group, Kotak and SBI Capital are bankers for FPO.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!
