Tata Steel rose 1.57% to Rs 533.10 at 15:30 IST on BSE after the company said it plans to raise upto Rs 14000 crore through privately placed debt securities in the domestic and or international capital markets.
The company made the announcement during trading hours today, 17 June 2014.
Meanwhile, the BSE Sensex was up 330.71 points, or 1.31%, to 25,521.19.
On BSE, so far 13.12 lakh shares were traded in the counter, compared with an average volume of 10.27 lakh shares in the past one quarter.
The stock hit a high of Rs 534 and a low of Rs 513.95 so far during the day. The stock hit a 52-week high of Rs 578.60 on 9 June 2014. The stock hit a 52-week low of Rs 195.40 on 7 August 2013.
The stock had outperformed the market over the past one month till 16 June 2014, rising 19.16% compared with 4.43% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 53.58% as against Sensex's 15.50% rise.
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The large-cap company has an equity capital of Rs 971.21 crore. Face value per share is Rs 10.
Tata Steel said that the committee constituted by the board, at the meeting held on 17 June 2014, proposed to seek approval of the shareholders of the company through postal ballot for further issuance of privately placed debt securities (convertible into equity or otherwise) in the international and/or domestic capital markets for an amount not exceeding Rs 14000 crore.
The committee will also seek approval for increasing borrowing limits from Rs 50000 crore to Rs 70000 crore or the aggregate of the paid up capital and free reserves of the company, whichever is higher.
Further, approval will be also sought for creation of charges on the movable and immovable properties of the company, in respect of borrowings.
On a consolidated basis, Tata Steel reported a net profit of Rs 1035.87 crore in Q4 March 2014 as against net loss of Rs 6528.51 crore in Q4 March 2013. Total income from operations rose 22.44% to Rs 42428.05 crore in Q4 March 2014 over Q4 March 2013.
Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of over 29 million tonnes per annum. It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries.
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