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10-May2019

Tata Steel gains on inking agreements to induct TANMIA as shareholder in Al Rimal Mining LLC

Tata Steel is currently trading at Rs. 523.25, up by 4.30 points or 0.83% from its previous closing of Rs. 518.95 on the BSE.

The scrip opened at Rs. 522.45 and has touched a high and low of Rs. 526.00 and Rs. 520.70 respectively. So far 27940 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 646.70 on 21-Sep-2018 and a 52 week low of Rs. 442.10 on 29-Jan-2019.

Last one week high and low of the scrip stood at Rs. 543.95 and Rs. 516.35 respectively. The current market cap of the company is Rs. 62487.78 crore.

The promoters holding in the company stood at 33.12%, while Institutions and Non-Institutions held 43.77% and 21.99% respectively.

Tata Steel has signed definitive agreements to induct 'Oman National Investments Development Company' (TANMIA) as a shareholder in Al Rimal Mining LLC, a Company which was incorporated with the objective of limestone mining in Oman.

As a result, the indirect equity stake of Tata Steel in Al Rimal Mining LLC will reduce from 70% to 51%. The other existing shareholders of Al Rimal Mining LLC will also sell their partial equity stake of 11% to TANMIA, leading to resultant shareholding of 30% for TANMIA in Al Rimal Mining LLC.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world's second most geographically diversified steel producer and a Fortune 500 company.


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