Tata Steel has acquired 178 crore equity shares in its Singapore arm TSHP for USD 280 million, taking total investment to USD 1,337 million. The acquisition makes TSHP a wholly-owned subsidiary.
New Delhi, Aug 28 (PTI) Tata Steel on Wednesday said it has acquired about 178 crore additional equity shares of T Steel Holdings Pte Ltd for USD 280 million, taking the total fund infusion into its Singapore-based arm to USD 1,337 million.
"Tata Steel acquired 1,78,34,39,490 ordinary equity shares of face value USD 0.157 each aggregating to USD 280 million (Rs 2,347.81 crore) in T Steel Holdings Pte Ltd (TSHP)," the company said in an exchange filing.
Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it added.
On August 14, Tata Steel acquired 1,15,92,35,669 ordinary equity shares, aggregating to USD 182 million in TSHP.
The company acquired 5,57,32,48,408 equity shares of TSHP on July 29 for USD 875 million.
The Board of Directors of Tata Steel on May 29 approved the infusion of funds by way of subscription to equity shares of T Steel Holdings Pte Ltd (TSHP), a wholly-owned foreign subsidiary of the company in one or more tranches, during FY2024-25.
Home » Market News » Tata Steel Acquires $280 Million in Singapore Arm TSHP
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback