Tata Steel stock jumps nearly 1% after increasing stake in joint venture, Medica TS Hospital to 51%

10 Jan 2022 , 12:47 PM

Tata Steel increases its equity stake in  Medica TS Hospital (MTSHPL) to 51% from earlier 26%.

The acquisition was done upon conversion of:

• 5,102 Optionally Convertible Debentures (‘OCD’) of Rs1,000 each, fully paid-up, held in MTSHPL into 5,10,200 equity shares of face value Rs10 each, fully paid-up, ranking pari passu with the existing equity shares of MTSHPL; and
• 4,92,298 OCDs of Rs1,000 each, fully paid-up, held in MTSHPL into 4,92,29,800, 0.01% Optionally Convertible Redeemable Preference Shares (‘OCRPS’) of face value Rs10 each, fully paid-up of MTSHPL.

As per Tata Steel, MTSHPL is an integral part of the Kalinganagar operations of the Company in Odisha and services the employees and community in the area at large.

Medica TS Hospital is a joint venture company between Tata Steel and Medica Hospitals. The
The company is operating and managing its 100-bed multi-speciality hospital established in Kalinganagar, Odisha to provide health care facilities to the general public.

At around 12.46 pm, Tata Steel was trading at Rs1169.10 per piece up by 0.8% on Sensex. The stock was near the day’s high of Rs1173.10 per piece.