Tata Steel update on proposed rights issue

Executive Committee of Board to meet on 19 January 2018 to decide on terms of issue

Tata Steel announced that the Board of Directors of the Company , at its meeting held on 18 -19 December 2017, approved the issuance of equity and equity linked instruments including ordinary shares of the Company of face value of Rs. 10 each by way of a rights issue to the existing shareholders of the Company as on the record date for an amount not exceeding Rs. 12,800 crore in accordance with the SEBI (ICDR) Regulations, 2009, as amended and other applicable laws.

Further, for the purpose of giving effect to the Issue, the Board authorized the Executive Committee of the Board to, inter alia, decide the terms of the Issue including the rights entitlement ratio, total number, issue price, instrument options and other terms and conditions for the Issue.

The meeting of the Executive Committee of the Board will be held on 19 January 2018 to consider the above stated matters including, to determine the issue price and the record date for the issuance of Ordinary Shares to be offered in the Issue.

Powered by Capital Market - Live News