Tata Steel ups sponge iron arm stake

Tata Steel has raised its stake in associate firm Tata Sponge Iron to 51 per cent following purchase of 11.26 per cent stake or 17.34 lakh shares through a voluntary open offer launched on July 27 at a price of Rs 375 per share.

Tata Steel said it had 39.74 per cent stake before the start of the offer and on July 15, the steel maker said total funds required for implementation of the offer (assuming full acceptance) would be Rs 65.02 crore. The offer closed on August 9.

With this, total public shareholding in Tata Sponge Iron now stands at 45.50 per cent.

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