Tata Steel invests Rs 300 crore in Neelachal Ispat Nigam
Capital MarketTata Steel has, on 21 February 2023, acquired 4,68,75,000 equity shares of Rs 10/- each at a premium of Rs 54/- per share, of Neelachal Ispat Nigam (NINL), an unlisted indirect subsidiary of the Company, for an amount aggregating to Rs 300 crore being Tranche 1 of the investment in the equity shares of NINL.
The proposed funding will be utilized towards the working capital and capex requirement of NINL including start-up of iron and steel plant at Kalinganagar, repayment/prepayment of liabilities and for other general corporate purposes.
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