Tata Steel Europe
has noted the current press coverage regarding a potential Management Buy Out bid for Tata Steel UK.
As previously announced, following the Board meeting of Tata Steel Limited on March 29th and on numerous occasions since that date, Tata Steel Europe is engaged in a process to seek strategic alternatives for Tata Steel's UK operations. To deliver greater clarity for all key stakeholders such as employees, customers and suppliers, Tata Steel Europe is committed to seeking all credible options in an urgent manner.
As announced on Monday 18th April this process had already resulted in the advisers to Tata Steel Europe beginning the initial exploration of interest in Tata Steel's UK operations with 190 potential financial and industrial investors worldwide. More detailed information sharing will commence this week as the process moves into the confidential phase.
Tata Steel Europe welcomes credible expressions of interest for Tata Steel's UK operations. It is our policy that we are not naming, confirming or commenting on any potentially interested investor or bidder at this point. All expressions of interest, including any Management Buy Out proposals, will be considered when received. In the interests of all stakeholders every credible expressions of interest will enter the same rigorous assessment process to ensure the best value and prospects of sustainability.
Tata Steel Ltd is currently trading at Rs. 355.1, down by Rs. 1.75 or 0.49% from its previous closing of Rs. 356.85 on the BSE.
The scrip opened at Rs. 358 and has touched a high and low of Rs. 364.15 and Rs. 354.4 respectively. So far 3284666(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 34657.82 crore.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 384.2 on 06-May-2015 and a 52 week low of Rs. 200 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 358.7 and Rs. 327.75 respectively.
The promoters holding in the company stood at 31.35 % while Institutions and Non-Institutions held 38.79 % and 29.86 % respectively.
The stock is currently trading above its 50 DMA.