Tata Steel to raise $500 mn via securities issue in international mkt

The 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 per cent in the morning trade on the BSE.

 

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