Tata Steel’s FPO price band has been decided at Rs 594-Rs 610 per share, sources say. The company on Friday gave a formal notice to market regulator Sebi that it would launch a 57-million FPO on January 19 to part- finance the ongoing expansion of its Jamshedpur plant and repay some of its maturing debentures.
At the lower end of the price band, the company will raise Rs 3,385 crore, while at the higher end of the band, it will raise Rs 3,477 crore. The issue will remain open for subscription till January 21.