Tata Steel has announced a fresh fund infusion of $355 million (Rs 3,104.03 crore) into its wholly owned foreign subsidiary, T Steel Holdings Pte. Ltd. (TSHP), based in Singapore. The company said in the regulatory filing that it has acquired 353.23 crore equity shares of TSHP at a face value of $0.1005 per share.
TSHP remains wholly owned subsidiary of Tata Steel
With this acquisition, T Steel Holdings will continue to remain a wholly owned subsidiary of Tata Steel. “The Company has acquired 353,23,38,309 equity shares of face value $ 0.1005 each aggregating to $355 million (Rs 3,104.03 crore) in TSHP. Post this acquisition, TSHP will continue to be a wholly owned foreign subsidiary of the Company.” Tata Steel said in a regulatory filing.
The development follows earlier updates made by the company on May 12, June 25, and July 10 this year regarding fund infusions into TSHP.
Share price of Tata Steel
The share price of Tata steel has seen a significant surge in past few months. It has surged 13.39 per cent so far this year.
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