Tata Steel, in an exchange filing on Thursday, announced the purchase of shares in Tata Steel Utilities and Infrastructure Services Limited (TSUISL), a wholly-owned subsidiary of the company, for Rs 58 crore. The company acquired 26,97,674 equity shares of Rs 10 each at a premium of Rs 205 per share.
The investment will be used by TSUISL as an investment in its step-down subsidiary Tata Steel Special Economic Zone Limited and to repay existing loans.
TSUISL is a wholly-owned subsidiary of Tata Steel Limited with a turnover of Rs 1,193 crore in the financial year 2021–22. The company was incorporated on August 25, 2003, and is part of the town management, real estate, and power distribution businesses.
The shares of Tata Steel on Thursday at 12:06 pm were at Rs 119.55, down by 2.05 per cent.
