Tata Steel Long Products has further acquired 4,68,75,000 equity shares of Rs10/-each at a premium of Rs 54 per share, of Neelachal Ispat Nigam (NINL), a subsidiary of the Company, for an amount aggregating to Rs 300 crore, being Tranche 2 of the investment in the equity shares of NINL.
The proposed funding will be utilized towards the initial working capital and capex requirement of the 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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