BackTRF share price hits upper circuit on second straight session. Details here
TRF share price has been skyrocketing after the news break of Tata Steel investing ₹165 crore in its associate company
PremiumBulls are buoyant on TRF share price after Tata Steel's investment of ₹165 crore in the company. After mutual announcements made by both the companies on Thursday in regard to Tata Steel buying 16.50 crore TRF shares, TRF shares started ascending and hit 5 per cent upper circuit. TRF share price today opened upside at ₹148.20 apiece levels, leaving no seller in the stock within minutes of market opening.
In an exchange communication Tata Steel informed Indian bourses about ₹165 crore investment in its associate company company citing, "This is to inform you that Tata Steel Limited has on, June 8, 2022, acquired 16,50,00,000 (Sixteen crore Fifty lakh), 12.17% (effective yield) Non-cumulative, Non-convertible, Non-Participating, Redeemable Preference Shares (‘NCRPS’) of face value ₹10/- each of TRF Limited, aggregating to ₹165 crore."
Tata Steel, being the promoter company, currently holds 34.11 per cent equity shareholding in TRF as on date and 25,00,00,000 (Twenty-five crore) Non-Convertible Redeemable Preference Shares of face value ₹10/- each and 2,50,00,000 (Two crore fifty lakh), 11.25 per cent Optionally Convertible Redeemable Preference Shares (‘OCRPS’) of face value ₹10/- each, aggregating to 100 per cent of the total preference share capital.
While informing about the allotment of 16.50 crore, TRF's exchange communication says, "We wish to inform you that the Committee of Directors, as authorized by the Board of Directors (‘Board’) at its meeting held on March 14, 2022, has on June 8, 2022 approved the allotment of 16,50,00,000 (Sixteen crore fifty lakh),12.17% (effective yield) non-cumulative, non-convertible, non-participating, redeemable preference shares of face value ₹10 each, at par, for consideration in the form of cash, aggregating to ₹165 crore, (‘NCRPS Series-1’) to Tata Steel Limited, on private placement basis, on terms and conditions as approved by the Board. The NCRPS will be unlisted."
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