Tata Steel said that it has acquired 788,53,50,318 ordinary equity shares of face value $ 0.157 each aggregating to $1,238 million (Rs 10,726.85 crore) in T Steel Holdings (TSHP).
T Steel Holdings (TSHP) is a wholly owned subsidiary of Tata Steel, incorporated in Singapore on July 5, 2006. The primary business of TSHP includes holding of equity shares of indirect overseas subsidiaries of Tata Steel and other entities, excluding banks. Its net worth was Rs 44,006.70 crore.The present fund infusion will be used by TSHP to repay external debt at offshore entities and to support the restructuring at Tata Steel UK, a wholly owned subsidiary of Tata Steel.
Post this acquisition, TSHP will continue to hold 100% equity shareholding in TSHP and it will be a wholly owned subsidiary of Tata Steel.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.
Tata Steel reported 43.41% decline in consolidated net profit to Rs 295.49 crore in Q3 FY25 compared with Rs 522.14 crore in Q3 FY24. Revenue from operations fell 3.01% YoY to Rs 53,648.30 crore in Q3 FY25.
The counter shed 0.44% to settle at Rs 137.05 on Tuesday, 25 February 2025. The stock market is closed today on account of Mahashivratri.
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