 "Tata Metaliks surges on plan to issue preference shares to Tata Steel")
Mumbai: Shares of Tata Metaliks surged by up to 8 percent today after its board approved an issue of preference shares worth Rs 100 crore to its promoter Tata Steel.
After starting the day on a robust note, the stock further gained 7.92 percent to Rs 72.90 on the BSE. At the NSE, the scrip shot-up by 8.3 percent to Rs 73. However, later, it saw some profit-booking and was trading 3.03 percent up at Rs 69.60 on the BSE at 1130 hours.
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“The Board of Directors of the company at its meeting held yesterday, approved issue of one crore cumulative redeemable preference shares of Rs 100 each aggregating to Rs 100 crore … to Tata Steel on preferential basis,” the company said in a filing to the BSE.
The preference shares, to be alloted to Tata Steel, will carry a coupon rate of 8.5 percent and are redeemable after 3 years from the date of allotment, it added.
As on December 31, Tata Steel held 46.66 percent stake in Tata Metaliks, which is into pig iron manufacturing.
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