Tata Steel BSL to raise Rs 24,000 cr from Tata Steel on private placement basis

New Delhi: Tata Steel BSL said on Wednesday its board has approved a proposal to raise up to Rs 24,000 crore through an issue of preference shares to Tata Steel on private placement basis. [caption id=“attachment_3271838” align=“alignleft” width=“380”]  Tata Steel logo. Representational image. Reuters.[/caption] Tata Steel last year acquired Tata Steel BSL Limited, formerly known as Bhushan Steel Limited, through its wholly-owned subsidiary Bamnipal Steel Ltd. “The board at its meeting held today, considered and approved issuance of Non-Convertible Redeemable Preference Shares (NCRPS) to Tata Steel Limited, on a private placement basis for an amount not exceeding to Rs 12,000 crore in accordance with applicable laws and regulations, and/or (b) Issuance of Non-Cumulative Optionally Convertible Redeemable Preference (Issue of OCRPS) of up to Rs 12,000 crore on a private placement basis to Tata Steel Limited in accordance with applicable laws, regulations, consents, approvals (as required)”, Tata Steel BSL said in a filing to BSE. For the purpose of giving effect to the above issuance of NCRPS and/or OCRPS, the company said, the board has authorised a committee of the board to decide on the terms and conditions of the issue including the type of security, issue price, timing of the issue and other related matters. To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.