Tata Steel to raise Rs 6500 cr
An increase in the company's authorised share capital from Rs 850 crore to Rs 2,000 crore was approved at the meeting .
By PTI |
MUMBAI: Tata Steel has received approval from its shareholders for raising Rs 6,500 crore from the international or the domestic market through the issue of securities.
The proposal to raise the funds through the issue of ordinary shares, shares through depository receipts, securities with or without detachable, non-detachable warrants or other securities, was approved by the shareholders at the AGM held in July.
The domestic steel major today informed the Bombay Stock Exchange that it had also received the shareholders' nod for a borrowing limit of Rs 20,000 crore, subject to necessary provisions and approvals.
An increase in the company's authorised share capital from Rs 850 crore to Rs 2,000 crore was approved at the meeting and the shareholders also consented to re-appoint R N Tata, Suresh Krishna and Isaat Hussain as Directors of the company.
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