Tata Steel BSL Tuesday said its committee of directors has given approval for issuance of 11.09 per cent shares to Tata Steel on a private placement basis.
"We wish to inform you that the committee of directors today approved allotment of 6,50,00,00,000 - 11.09 per cent non-convertible redeemable preference shares having face value of Rs 10 each for cash aggregating to Rs 6,500 crore to Tata Steel Ltd on private placement basis, on terms and conditions as approved by board/committee of the board," the company said in a BSE filing.
On March 11, Tata Steel BSL's board had approved issuance of 11.09 per cent shares to Tata Steel on a private placement basis.
Tata Steel last year acquired Tata Steel BSL, formerly known as Bhushan Steel, through its wholly-owned subsidiary Bamnipal Steel.
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