Tata Metaliks to allot shares worth Rs 100 cr to Tata Steel
Tata Metaliks today said its board has approved an issue of preference shares worth Rs 100 crore to its promoter Tata Steel.
By PTI | Updated:
MUMBAI: Tata Metaliks today said its board has approved an issue of preference shares worth Rs 100 crore to its promoter Tata Steel.
"The Board of Directors of the company at its meeting held today, approved issue of one crore cumulative redeemable preference shares of Rs 100 each aggregating to Rs 100 crore ... to Tata Steel on preferential basis," the company said in a filing to the BSE.
The preference shares, to be alloted to Tata Steel, will carry a coupon rate of 8.5 per cent and are redeemable after 3 years from the date of allotment, it added.
As on December 31, 2011, Tata Steel holds 46.66 per cent stake in Tata Metaliks, which is into pig iron manufacturing.
Shares of Tata Metaliks closed today at Rs 67.55 apiece on the BSE, down 2.31 per cent from the previous close.
"The Board of Directors of the company at its meeting held today, approved issue of one crore cumulative redeemable preference shares of Rs 100 each aggregating to Rs 100 crore ... to Tata Steel on preferential basis," the company said in a filing to the BSE.
The preference shares, to be alloted to Tata Steel, will carry a coupon rate of 8.5 per cent and are redeemable after 3 years from the date of allotment, it added.
As on December 31, 2011, Tata Steel holds 46.66 per cent stake in Tata Metaliks, which is into pig iron manufacturing.
Shares of Tata Metaliks closed today at Rs 67.55 apiece on the BSE, down 2.31 per cent from the previous close.
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