Tata Steel Acquires 557 Cr Shares in Singapore Arm for USD 875 Mn
Jul 29, 2024 19:41
Tata Steel has acquired over 557 crore equity shares in its Singapore-based arm, T Steel Holdings Pte Ltd (TSHP), for USD 875 million. The acquisition makes TSHP a wholly-owned subsidiary of Tata Steel.
New Delhi, Jul 29 (PTI) Tata Steel on Monday said it has acquired over 557 crore equity shares in its Singapore-based arm for USD 875 million.
In May, Tata Steel's board had approved infusion of funds into T Steel Holdings Pte Ltd (TSHP), by way of subscription to equity shares in one or more tranches, the company said in an exchange filing.
"Further to our disclosure dated May 29, 2024... we wish to inform you that, the company has today acquired 557,32,48,408 equity shares of face value USD 0.157 each aggregating to USD 875 million (Rs 7,324.41 crore) in TSHP," Tata Steel said.
Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it said.
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