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10-Jan2019

Tata Steel BSL soars on getting approval to raise funds via NCRPS

Tata Steel BSL is currently trading at Rs. 36.30, up by 0.75 points or 2.11% from its previous closing of Rs. 35.55 on the BSE.

The scrip opened at Rs. 35.85 and has touched a high and low of Rs. 36.70 and Rs. 35.85 respectively. So far 40706 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 2 has touched a 52 week high of Rs. 75.30 on 10-Jan-2018 and a 52 week low of Rs. 21.00 on 02-May-2018.

Last one week high and low of the scrip stood at Rs. 38.55 and Rs. 35.20 respectively. The current market cap of the company is Rs. 3887.18 crore.

The promoters holding in the company stood at 72.65%, while Institutions and Non-Institutions held 11.48% and 15.87% respectively.

Tata Steel BSL has received approval to raise funds through issuance of Non-Convertible Redeemable Preference Shares (NCRPS) to Tata Steel, on a private placement basis for an amount not exceeding to Rs 12,000 crore. The Board of Directors of the Company at its meeting held on January 09, 2019 has approved the same.

Tata Steel BSL formerly known as Bhushan Steel is the largest manufacturer of auto-grade steel in India. Tata Steel BSL with a large amount of debt in proportion to its equity, is a highly leveraged company.


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