Tata Steel board to mull fund raising on 19 Mar'24

Tata Steel said that its committee of directors will meet on Tuesday, 19 March 2024 to consider raising funds through non convertible debentures (NCDs) on private placement basis.

Meeting of the committee of directors of the company will be held on Tuesday, March 19, 2024, inter-alia, to consider and approve the issuance of unsecured non-convertible debentures on private placement basis, within the limits approved by the board of directors of the company at its meetings held on August 13, 2018 and April 24, 2020, Tata steel said in the regulatory filing.

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 net profit to Rs 522.14 crore in Q3 FY24 as against net loss of Rs 2,501.95 crore posted in Q3 FY23. Revenue from operations fell 3.1% to Rs 55,311.88 crore in Q2 FY24 as compared with Rs 57083.56 crore in Q3 FY23.

The scrip fell 0.70% to end at Rs 142.50 on Thursday, 14 March 2024.

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