Tata Steel (TSL) announced that it has acquired 1,55,34,738 equity shares of its wholly owned subsidiary, Tata Steel Advanced Materials (TSAML) for an amount aggregating to approximately Rs 19.90 crore.
TSL has ventured into new materials business (NMB) in areas of composites, graphene, medical materials amongst others. TSAML, wholly owned subsidiary of Tata Steel, has been identified as the anchor company to pursue business opportunities in NMB.To grow the business of NMB under TSAML, TSL has subscribed 1,55,34,738 equity shares of TSAML of face value of Rs 10 each, aggregating to approximately Rs 19.90 crore. The said equity shares are allotted to the company on preferential basis.
On completion of the said transaction, TSL holds 75.94% stake in TSAML and the balance 24.06% stake will be held by Tata Steel Downstream Products. However, since Tata Steel is the holding company of TSDPL, TSL will directly and indirectly hold 100% in TSAML.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tons per annum.
The company reported a consolidated net loss of Rs 2,502 crore in Q3 FY23 as against a net profit of Rs 9,598 crore in Q3 FY22. Total revenue from operations during the quarter amounted to Rs 57,084 crore, down 6% YoY
The scrip declined 1.45% to Rs 105.50 on the BSE.
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