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Tata Steel says share sale opens 19 Jan

Tata Steel says share sale opens 19 Jan
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First Published: Fri, Jan 14 2011. 06 05 PM IST
Updated: Fri, Jan 14 2011. 06 05 PM IST
Mumbai: Tata Steel, the world’s seventh largest steel maker, will launch its follow-on public share sale on 19 January and close it on 21 January, the company said in an investor presentation on its Website.
The share sale, which sources have said could raise up to $800 million, will constitute 5.94% of post-offer equity, Tata Steel said.
The company said it would use Rs 1,875 crore ($413 million) of the money to be raised to fund expansion at its Jamshedpur plant in eastern India.
Part the share sale money will also be used to repay debt of 10.9 billion, Tata Steel said.
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First Published: Fri, Jan 14 2011. 06 05 PM IST