Tata Steel okays follow-on public offer
India's largest steel company Tata Steel's board of directors have approved follow-on public offer (FPO) of 57 million ordinary shares of Rs 10 each.
January 12, 2011 / 08:27 IST
India's largest steel company Tata Steel's board of directors have approved follow-on public offer (FPO) of 57 million ordinary shares of Rs 10 each. This includes reservation for eligible employees to the tune of 1.5 million ordinary shares of Rs 10 each.
The price band and the minimum bid lot for the issue will be decided by the company in consultation with the book running lead managers and will be advertised at least one working day prior to the bid/issue opening date.The company may raise Rs 3,691 crore via FPO at today's closing price of Rs 647.60 a share. Market capitalisation stands at Rs 58,427.39 crore.Tata Steel said net sales for the quarter ended December 2010 (Q3FY11) would be flat as compared to Q2FY11. Operating results would decline in Q3 due to rise in raw material prices, the company says. 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!
