Tata Metaliks has rallied 8% to Rs 72.90 after the company said its board has approved an issue of preference shares worth Rs 100 crore to its promoter Tata Steel.
"The board of the company at its meeting held on March 26, approved issue of ten million 8.5% cumulative redeemable preference shares of Rs 100 each aggregating to Rs 100 crore to Tata Steel on preferential basis," the Tata Group firm said in a filing to the Bombay Stock Exchange (BSE).
The preference shares are redeemable after 3 years from the date of allotment, it added.
A combined around 54,000 shares have changed hands on the counter on the BSE and NSE.