Tata Steel acquires shares & warrants in Tata Metaliks
2019-03-29
Mar. 29, 2019 - Tata Steel has acquired shares and convertible warrants of Tata Metaliks for about Rs 403.79 crore. Tata Steel said “This is to inform you that Tata Steel Limited has acquired 27,97,000 Equity Shares of Tata Metaliks Limited at a price of 7642 per Equity Share aggregating to 7179,56,74,000 and 34,92,500 Warrants at a price of 7642 per Warrant, with a right exercisable by the Warrant holder to subscribe for one equity share per Warrant of face value of 710 each, aggregating to 7224,21,85,000 (25% paid on application).”
On objects and effects of acquisition, Tata Steel said it is to fund the expansion project and also strengthen the balance sheet of TML.
Tata Metaliks is one of India's leading producers of pig iron and Ductile Iron pipes. It operates a state-of-the-art manufacturing plant near Kharagpur, West Bengal.