Published 18:59 IST, August 28th 2024
Tata Steel acquires 178 cr additional equity shares in Singapore arm TSHP for $280 mn
Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company.
- Republic Business
- 1 min read
Tata Steel on Wednesday said it has acquired about 178 crore additional equity shares of T Steel Holdings Pte Ltd for $280 million, taking the total fund infusion into its Singapore-based arm to $1,337 million.
"Tata Steel acquired 1,78,34,39,490 ordinary equity shares of face value $0.157 each aggregating to $280 million (Rs 2,347.81 crore) in T Steel Holdings Pte Ltd (TSHP)," the company said in an exchange filing.
Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it added.
On August 14, Tata Steel acquired 1,15,92,35,669 ordinary equity shares, aggregating to $182 million in TSHP.
The company acquired 5,57,32,48,408 equity shares of TSHP on July 29 for $875 million.
The Board of Directors of Tata Steel on May 29 approved the infusion of funds by way of subscription to equity shares of T Steel Holdings Pte Ltd (TSHP), a wholly-owned foreign subsidiary of the company in one or more tranches, during FY2024-25.
Updated 18:59 IST, August 28th 2024