Tata Steel Long Products further invests of Rs 300 cr in Neelachal Ispat Nigam

1 Dec 2022 , 01:34 AM

Tata Steel Long Products has further acquired 46875000 equity shares of Rs10each at a premium of Rs 54 per share of Neelachal Ispat Nigam NINL a subsidiary of the Company for an amount aggregating to Rs 300 crore being Tranche 2 of the investment in the equity shares of NINL The proposed funding will be utilized towards the initial working capital and capex requirement of the NINL including start-up of iron and steel plant at Kalinganagar repaymentprepayment of liabilities and for other general corporate purposes