Tata Steel to subscribe up to 90% of Tata Sponge Rs 1,650 cr rights issue

The Tata Sponge rights issue opened for subscription on Tuesday and will end on July 16. It has been priced at Rs 500 a share

Tata Steel will subscribe up to 90 per cent of the Rs 1,650 crore rights issue of Tata Sponge.
 
In an intimation to the stock exchanges, Tata Sponge has informed that its promoter (Tata Steel) has undertaken that it will participate in the rights issue to the extent of 90 per cent of the rights issue, up to Rs 1,485 crore.