Tata Steel has raised Rs 1,380 crore through conversion of warrants by Tata Sons and will mop up an almost equal amount by allotting shares to the holding company as part of its fund-raising exercise for the Corus takeover.
Tata Sons on 16 April exercised the option to convert 2.85 crore warrants into shares at a price of Rs 484.27 a share, aggregating to about Rs 1380 crore.
In addition, Tata Steel Board approved raising Rs 1,351 crores through allotment of 2.85 crore shares to holding company Tata Sons for a price of Rs474.27 per share, the steel giant informed the Bombay Stock Exchange.
Shares of Tata Steel were last trading at Rs 511.25, down 3.29% or Rs 17.40, on the BSE. Tata Steel had said on 18 April it would sell equity shares worth $2.3 billion in domestic and overseas markets, besides raising $6.1 billion in debt to fund acquisition of Anglo-Dutch firm Corus Group Plc.