Tata Steel Acquires Shares Worth ₹112 Cr In Subsidiary

Tata Steel Limited on Friday acquired 26,22,890 shares of Rs 10 each at an issue price of Rs 427.01 of The Indian Steel and Wire Products Limited (ISWP), a wholly owned subsidiary, the company announced on Friday through an exchange filing.

The subsidiary will use the Rs 112 crore to meet the expenditure requirement towards its combi-mill project.

Prior to the Transaction, Tata Steel held 95.01 per cent equity stake in ISWP. Consequent to the Transaction, Tata Steel will hold 96.53 per cent equity stake in ISWP and will continue to be a subsidiary of Tata Steel.

ISWP is a subsidiary of Tata Steel. It was incorporated on December 2, 1935, and is engaged in the business of manufacture of wire rods, TMT rebars, wires and wire products as an external processing agent of Tata Steel and manufacturing and direct marketing of welding products, nails, rolls and castings.

Tata Steel shares

The shares of Tata Steel on Friday closed at Rs 129.60, down by 0.42 per cent.