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Tata Steel BSL to issue preference shares worth Rs24,000cr

Steel News - Published on Thu, 10 Jan 2019

Image Source: SteelGuru
The issue will comprise an offer for Rs12,000cr in non-redeemable preference shares and an offer for Rs12,000cr in optionally convertible shares.

January 9, 2019 19:55 IST | India Infoline News Service
The board of Tata Steel BSL has approved the issuance of preference shares worth Rs24,000cr, the company announced in a statement on Wednesday.

“The Board has considered and approved (a) issuance of non-convertible redeemable preference shares to Tata Steel Ltd on a private placement basis for an amount not exceeding to Rs12,000cr in accordance with applicable laws and regulations, and/or (b) issuance of non-cumulative optionally convertible redeemable preference of up to Rs12,000cr on a private placement basis.”

“Further, for the purpose of giving effect to the above proposals, the Board also approved consequential changes to the Memorandum and Articles of Association of the Company and also authorized a Committee of the Board to decide on the terms and conditions of the issue,” the release added.

Tata Steel BSL Ltd ended the day at Rs35.65, down Rs1, or 2.73%, from its previous close of Rs36.65 on the BSE.

Source :

Posted By : Rabi Wangkhem on Thu, 10 Jan 2019
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