Tata Steel proposes follow-on public offer; sock down
Shares of Tata Steel were witnessing selling pressure after the company announced plans for a proposed follow-on public offer. Promoter holding in Tata Steel will come down by 2 per cent post the FPO.
By ET Bureau |
MUMBAI: Shares of Tata Steel were witnessing selling pressure after the company announced plans for a proposed follow-on public offer. Promoter holding in Tata Steel will come down by 2 per cent post the FPO.
Tata Steel’s committee of directors approved a plan to issue the equity shares to raise funds for its future plans including a capacity expansion programme. The issue also includes reservation of 1.5 million shares to employees of Tata Steel.
The proceeds of the offer could be used to reduce debt and also fund the 3-MT expansion it has planned at Jamshedpur.
The stock was at Rs 632.70, down 2.30 per cent on the BSE. The scrip touched a high of Rs 650 and low of Rs 630 in trade so far.
Tata Steel’s committee of directors approved a plan to issue the equity shares to raise funds for its future plans including a capacity expansion programme. The issue also includes reservation of 1.5 million shares to employees of Tata Steel.
The proceeds of the offer could be used to reduce debt and also fund the 3-MT expansion it has planned at Jamshedpur.
The stock was at Rs 632.70, down 2.30 per cent on the BSE. The scrip touched a high of Rs 650 and low of Rs 630 in trade so far.
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