Latest News | Tata Steel Acquires 557 Cr Equity Shares in Singapore-based Arm TSHP for USD 875 Mn

New Delhi, Jul 29 (PTI) Tata Steel on Monday said it has acquired over 557 crore equity shares in its Singapore-based arm for USD 875 million.

In May, Tata Steel's board had approved infusion of funds into T Steel Holdings Pte Ltd (TSHP), by way of subscription to equity shares in one or more tranches, the company said in an exchange filing.

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"Further to our disclosure dated May 29, 2024... we wish to inform you that, the company has today acquired 557,32,48,408 equity shares of face value USD 0.157 each aggregating to USD 875 million (Rs 7,324.41 crore) in TSHP," Tata Steel said.

Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it said.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)