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Tata Steels Rs 12,800 cr rights issue opens on Feb 14

Tata Steels Rs 12,800 cr rights issue opens on Feb 14

New Delhi, Jan 19 (PTI) Steel major Tata Steel today said its rights issue worth Rs 12,800 crore will open on February 14 and close on February 28.

The executive committee of the board of Tata Steel in its meeting approved "simultaneous but unlinked issues" of ordinary shares having face value of Rs 10 each.

The issue will comprise "up to 15.53 crore fully paid up ordinary share not exceeding Rs 8,000 crore" and "7.76 crore fully paid up ordinary share not exceeding Rs 4,800 crore."

The letter of offer will be filed with BSE and NSE, and will be submitted to the market regulator Sebi, the company informed.

Earlier, on December 19 Tata Steels board had approved raising Rs 12,800 crore through a rights issue to finance organic and inorganic growth plans.

"The Board approved issuance of equity and equity linked instruments, including ordinary shares of the company by way of a rights issue to existing shareholders on record date for an amount not exceeding Rs 12,800 crore...," Tata Steel had said in a statement earlier. PTI KRH BAL