Tata Steel announced on Monday that it has acquired more than 557 crore equity shares in its Singapore-based subsidiary, T Steel Holdings Pte Ltd (TSHP), for USD 875 million.
In May, Tata Steel’s board had approved a capital infusion into TSHP through the subscription of equity shares in multiple tranches. The company confirmed in an exchange filing that it has now completed the acquisition of 557,32,48,408 equity shares, each with a face value of USD 0.157, totaling USD 875 million (approximately Rs 7,324.41 crore). Following this transaction, TSHP will remain a wholly-owned subsidiary of Tata Steel.
