You are here: Home » PTI Stories » National » News
Business Standard

Tata Steel shares jump over 3%; mcap rises by Rs 2,123 cr

Press Trust of India  |  New Delhi 

of today rose by over 3 per cent to touch its multi-year high after the company concluded a new agreement under which its business stands separated from the 15-billion pound British Steel Pension Scheme (BSPS).

The stock gained 3.30 per cent to settle at Rs 683.15 on the During the day, it surged 4.64 per cent to Rs 692 -- its multi-year high.

On NSE, of the company went up by 3 per cent to close at Rs 682.90.

The company's market valuation climbed Rs 2,122.61 crore to Rs 66,348.61 crore.

In terms of equity volume, 6.20 lakh of the company were traded on and over one crore shares changed hands on during the day.

"has received confirmation from the pensions regulator that it has approved a regulated apportionment arrangement (RAA) in respect of BSPS," said in a statement yesterday.

As part of the arrangement, a payment of 550 million pound has been made to BSPS by Tata Steel and shares in Tata Steel UK, equivalent to 33 per cent stake, have been issued to the BSPS trustee, the steel giant said.

The BSPS has now been separated from Tata Steel UK and a number of affiliated companies, it added.

RAA is a mechanism that allows a financially troubled employer in the UK to detach itself from defined benefit scheme liabilities.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 12 2017. 18:07 IST