Tata Steel invests Rs 58 cr in Tata Steel Utilities and Infrastructure Services
Capital MarketTata Steel has acquired 26,97,674 equity shares of Rs 10 each at a premium of Rs 205 per share, of Tata Steel Utilities and Infrastructure Services (TSUISL), a wholly-owned subsidiary of the Company, on Rights basis, for an amount aggregating to Rs 58 crore (hereinafter referred to as the 'Transaction'). Upon completion of the Transaction, TSUISL continues to be a wholly-owned subsidiary of the Company.
These funds shall be utilized by TSUISL to invest in its step-down subsidiary,Tata Steel Special Economic Zone (TSSEZ) to assist TSSEZ in partial repayment of its existing loans.
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