Tata Steel invests Rs54 crore in TSML

1 Sep 2022 , 07:40 AM

On Tuesday, Tata Steel announced that it has purchased more shares on a preferential basis to make a roughly Rs54 crore investment in its wholly-owned subsidiary TSML.

According to a regulatory filing, TSML will utilize the funds to meet capital expenditure needs.

At a premium of Rs9.15 per share of TSML, Tata Steel purchased 2,81,98,433 equity shares worth Rs10 apiece on a preferential basis.

Tata Steel had 82,19,17,021 shares in Tata Steel Mining Ltd. (TSML), or 100%, prior to the transaction. After the acquisition, the steel giant still owns 100% of the 85,01,15,454 shares of its arm.

Three chromite mines and two Ferro alloy facilities are operated by TSML, a company in the mining and Ferroalloy industries. For the production of Ferro chrome, it has cooperated with seven external ferro processing facilities.

Global producers of stainless steel, alloy steel, and refractory are supplied with raw materials by TSML.

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