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| Tata Sons to hike stake in Tata Steel |
| Press Trust of India / Mumbai May 27, 2010, 20:37 IST |
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Tata Sons, the promoters of all key Tata Group companies, would enhance its stake in Tata Steel as its board today approved issuance of 1.5 crore equity shares to the holding firm on preferential basis.
The preferential issue would be made at a price to be determined as per the applicable Sebi regulations, it said.
The committee of the board of directors of the steel major took a decision to this effect at its meeting on Thursday, Tata Steel said in a filing to the BSE.
Besides, the committee also approved issuing up to 1.20 crore warrants with a right exercisable by the warrant holder to subscribe for one ordinary share per warrant to Tata Sons on preferential basis, it added.
The preferential allotment would be made on such other terms and conditions as the board/committee may in its absolute discretion decide, it said.
Tata Sons owns 29.13 per cent stake in Tata Steel as on March 31, 2010, according to the data available with the bourses. The preferential allotment approval is subject to final permission to be accorded by the shareholders at its next meeting, it said.
Shares of the company closed at Rs 493, up 1.76 per cent from the previous close on the BSE, when the index jumped 0.8 per cent.
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