 "Tata Steel gets 5.57 bn equity shares in Singapore-based arm for $875 mn")
Tata Steel on Monday said it has acquired over 5.57 bn equity shares in its Singapore-based arm for $875 million.
In May, Tata Steel's board had approved infusion of funds into T Steel Holdings Pte Ltd (TSHP), by way of subscription to equity shares in one or more tranches, the company said in an exchange filing.
"Further to our disclosure dated May 29, 2024... we wish to inform you that, the company has today acquired 5,573,248,408 equity shares of face value $0.157 each aggregating to $875 million (Rs 7,324.41 crore) in TSHP," Tata Steel said.
Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it said.