Tata Steel raises $500 mn by GDR issue: Sources
Tata Steel on Tuesday said it will raise USD 500 million (about Rs 2,418 crore) through issue of securities in the global markets.
Mumbai: Tata Steel on Tuesday said it will raise USD 500 million (about Rs 2,418 crore) through issue of securities in the global markets.
The equity raising was increased from an earlier target of USD 400 million, the sources said, but is lower than the USD 600 million sources had said the company was considering raising earlier this month.
The deal was managed by JPMorgan and Citigroup.
Bureau ReportThe company would be issuing 6,54,10,589 Global Depository Receipts (GDRs) at a price of USD 7.64 a piece, aggregating to USD 500 million, Tata Steel said in a filing to the Bombay Stock Exchange.
Each GDR would represent one ordinary share of Tata Steel and would be listed on the London Stock Exchange, it added.
Citigroup Global Markets, Goldman Sachs International, JP Morgan Securities and UBS are acting as joint lead managers and joint bookrunners for the said issue.
Shares of Tata Steel were trading at Rs 382.40, down 2.22 percent in the morning trade on the BSE.