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Tata Steel to Subscribe for Tata Sponge Iron Rights Issue in Case of Under Subscription

Steel News - Published on Wed, 03 Jul 2019

Image Source: SteelGuru
The Promoter of Tata Sponge Iron Limited, Tata Steel Limited has undertaken that it will subscribe to the full extent of the aggregate rights entitlement of the promoter in the Rights Issue, it will acquire any additional rights equity shares and in the event of under subscription in the Rights Issue, it will subscribe to such additional rights equity shares offered in the Rights Issue as may be required to ensure that the aggregate subscription in the Rights Issue shall be at least but not more than 90% of the rights equity shares offered in the Rights Issue.

Accordingly, Tata Steel has undertaken that it will participate in the Rights Issue to the extent of 90% of the Rights Issue size, i.e., up to INR 148,500 lakhs.

Source :

Posted By : Sanju Moirangthem on Wed, 03 Jul 2019
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