Tata Steel acquires stake worth Rs625 crore in Tata Steel Mining

11 Apr 2022 , 11:51 AM

Tata Steel Limited informed that it has acquired 32,63,70,757 equity shares of Rs10 each at a premium of Rs9.15 per share, of Tata Steel Mining Limited, a wholly-owned subsidiary of Tata Steel Limited, for an amount aggregating to approximately Rs625 crore.

Upon completion of this acquisition, Tata Steel Mining Limited will continue to be a wholly-owned subsidiary of the Company.

Tata Steel Mining Limited is a wholly-owned subsidiary of Tata Steel Limited and is a key player in the mining and Ferro Alloys business. TSML operates 3 Chromite mines, and 1 ferro alloy plant and has partnered with 8 external ferro processing centers for the manufacture of ferro chrome. TSML is a provider of raw materials to stainless steel, alloy steel, and refractory manufacturers across the globe, as per filing.

Tata Steel’s stock was trading marginally higher at Rs1,371.50 against its previous close of Rs1,370.75 on NSE. It touched intraday high and low of Rs1,384 and Rs1,365 respectively.