The board of Tata Steel has approved a rights issue worth Rs. 12800 crore that will be a 15-day offer from February 14 to February 28.
The issue will include "up to 15.53 crore fully paid up ordinary share not exceeding ₹8,000 crore" and "7.76 crore fully paid up ordinary share not exceeding ₹4,800 crore." The executive of the Tata Steel board gave a go-ahead to "simultaneous but unlinked issues" of ordinary shares having face value of ₹10 each.
The approval came in on December 19, 2018 to fund the company's organic as well as inorganic growth plans.
"The Board approved issuance of equity and equity linked instruments, including ordinary shares of the company by way of a rights issue to existing shareholders on record date for an amount not exceeding Rs 12,800 crore...," Tata Steel had said in a statement earlier.
With Inputs From PTI