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Tata Steel on Saturday announced the acquisition of 1.30 crore optionally convertible redeemable preference shares (OCRPS) having a face value of 10 each of associate firm, TRF. The transaction aggregates to 13 crore.

The acquisition was carried out on May 13.

In a statement, Tata Steel said, "The OCRPS are being acquired to assist TRF in repayment/prepayment of the whole or a part of the existing indebtedness of TRF, payment against long-outstanding vendor dues, to seek their support towards material supplies for completing legacy projects and delivering other committed orders and/or for other general corporate purposes."

Currently, Tata Steel holds 37,53,275 equity shares aggregating to 34.11% of the equity share capital of TRF, 25 crore Non-Convertible Redeemable Preference Shares, and 1.20 crore Optionally Convertible Redeemable Preference Shares (Series-1).

With the latest acquisition, Tata Steel now holds 2.5 crore OCRPS - representing 100% of the preference share capital of TRF.

TRF is a listed associate company of Tata Steel and forms part of the Tata Steel Group. TRF is engaged in the business of designing & manufacturing the bulk material handling systems and equipment for core sector industries such as power, ports, steel, mining, and cement for projects undertaken on a Turnkey basis.

On Friday, Tata Steel shares closed at 1096.45 apiece down by 1.94%. However, TRF shares ended higher by 1.64% at 114.85 apiece on BSE.

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