Tata Steel BSL said Monday its board has approved an increase in the company's authorised share capital, and given nod for issuance of 11.09 per cent shares to Tata Steel on a private placement basis.
The members of the board passed a resolution for an increase in the authorised share capital of the company and consequential amendment of the capital clause in the memorandum of association of the firm, the company said in a regulatory filing to the BSE.
Proposal to "issue, offer and allot 11.09 per cent non-convertible redeemable preference shares to Tata Steel Ltd, on private placement basis" was also passed besides plan to "issue, offer and allot 8.89 per cent optionally convertible redeemable preference shares to Tata Steel Ltd, on private placement basis".
Tata Steel last year acquired Tata Steel BSL, formerly known as Bhushan Steel, through its wholly-owned subsidiary Bamnipal Steel.
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