Tata Steel to acquire additional 4.19% stake in Subarnarekha Port
Capital MarketTata Steel has on 09 April 2018 entered into a definitive agreement to subscribe to additional 4.19% equity share of Subarnarekha Port for consideration of Rs 10 crore. Following such subscription, Tata Steel shall hold an aggregate 7.06% of the equity share capital of Subarnarekha Port. The transaction is expected to be completed in one month.
Subarnarekha Port, is a subsidiary of Creative Port Development which has executed a concession agreement with Government of Odisha to develop the Subarnarekha Port.
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