NatSteel Asia buys majority stake in 2 arms

NatSteel Asia Pte Ltd, a Tata Steel subsidiary, has increased its holding in three of NatSteel's units.

In an intimation to the stock exchanges, the company has informed that NatSteel Asia has acquired 40 per cent interest in NatSteel Trade International Pte Ltd for S$6.5 million and 50 per cent in NatSteel (Xiamen) for S$19.35 million.

With the acquisition, NatSteel's holding in the companies goes up to 100 per cent, making them its wholly owned subsidiaries.

NatSteel Asia has also acquired 22.6 per cent interest in NatSteel Vina Co Ltd for S$3.10, taking its holding to 56.5 per cent.

The shares in the different units were acquired from Southern Steel Berhad, Malaysia.

The Tata Steel scrip today surged 3.63 per cent to Rs 481.45 on the Bombay Stock Exchange (BSE) and 3.49 per cent to Rs 480.80 on the National Stock Exchange (NSE).

Volumes were significant at 3,047,528 shares and 3,942,480 shares on the BSE and NSE, respectively.