Tata Steel shares on Wednesday rose by nearly 3 per cent as the company’s Singapore arm has executed pacts worth $1.5 billion for refinancing its debt.
The stock closed at Rs 243.50, up 2.46 per cent on BSE. During the day it had gained as much as 3.36 per cent to Rs 245.65.
On NSE, it climbed 2.65 per cent to settle at Rs 243.85. The company added Rs 569.1 crore in market valuation to Rs 23,649.10 crore.
On the volume front, 14.26 lakh shares of the company changed hands on BSE and over 88 lakh shares were traded at NSE during the day.
“T S Global Holdings Pte Ltd (TSGH), a subsidiary of Tata Steel Ltd incorporated in Singapore, has executed agreements today for loan facilities of $1.5 billion comprising a five-year loan of $750 million and a six year loan of $750 million,” the company said in a statement.
The proceeds will be used to repay existing term loan facilities in TSGH, it said.