Tata Steel Acquires Additional Stake In Subsidiary For Rs 112 Crore

Large cap Tata Group company, Tata Steel on Friday declared that it acquired 26,22,890 equity shares of its subsidiary, The Indian Steel & Wire Products on preferential basis for approximately Rs 112 crore. Last trading price of Tata Steel share is Rs 129.55 per share with intraday fall of 0.46% on BSE. Tata Steel shares soared 22% in last 6-months and gained again 22% in last 1-year. Check details below:

Tata Steel Acquires Stake In The Indian Steel & Wire Products: According to the BSE filing of Tata Steel, "This is to inform you that, Tata Steel Limited ('Company') has today i.e., on September 8, 2023, acquired 26,22,890 equity shares of Rs 10/- each at an issue price of Rs 427.01 per share (including a premium of Rs 417.01 per share), of The Indian Steel & Wire Products Limited ('ISWP'), a subsidiary of the Company, on preferential basis, for an amount aggregating to ~Rs 112 crore (hereinafter referred to as the 'Transaction'). Upon completion of the Transaction, ISWP will continue to be a subsidiary of the Company."

Tata Steel Stock Outlook & Return: Last trading price of Tata Steel stock is Rs 129.55 per share. Its 52-week high price is Rs 132.85 per share and 52-week low price is Rs 95.00 per share, respectively. The company has a market capitalisation of Rs 1,58,308.91 crore. Tata Steel stock fell 9% in last 2-years, witnessed a rally of 219% in last 3-years, gained 109% in last 5-years. In last 10-years, Tata Steel stock surged 370%.

Tata Steel Financials: The company for the quarter ended June 30, 2023 announced its consolidated total income at Rs 12,011.00 crore, up 14.67% as against its last quarter total income of Rs 10,474.00 crore. It declared its recent quarter net profit after tax at Rs 756.00 crore.

Tata Steel About: Tata Steel was established in India as Asia's first integrated private steel company in 1907. With this, it also developed India's first industrial city at Jamshedpur. Today, it is among the leading global steel companies. Its annual crude steel capacity across Indian operations is nearly 20 MnTPA and it registered a turnover of INR 91,037 crore in FY21. It also set up its second greenfield steel plant of 3 MnTPA in the eastern state of Odisha in 2016; the expansion to 8 MnTPA in currently underway, according to its official website.