Tata Steel today said it has raised as much as Rs 1,069 crore through issue of securities to its promoters Tata Sons.
"The committee of directors at its meeting held today has approved the allotment to Tata Sons of 1.5 crore ordinary shares 1.2 crore warrants at a price of Rs 594 crore per share/warrant, Tata Steel said in a filing to the Bombay Stock Exchange (BSE) today.
Further it said, "Tata Sons had agreed to subscribe, on a preferential basis, to 1.5 crore ordinary shares and 1.2 crore warrants at a price of Rs 594 a share/warrant." Tata Steel had last week said it would raise Rs 1,069 crore through the transaction.
These warrants can be converted into shares within 18 months from the date of allotment, it had said. Tata Sons is the promoter of all key Tata Group companies and holds the bulk of shareholding in these companies.
Shares of Tata Steel today closed at Rs 536.10 down 0.77 per cent on the BSE.