World News | Tata Steel Acquires 178 Cr Additional Equity Shares in Singapore Arm TSHP for USD 280 Mn

New Delhi, Aug 28 (PTI) Tata Steel on Wednesday said it has acquired about 178 crore additional equity shares of T Steel Holdings Pte Ltd for USD 280 million, taking the total fund infusion into its Singapore-based arm to USD 1,337 million.

"Tata Steel acquired 1,78,34,39,490 ordinary equity shares of face value USD 0.157 each aggregating to USD 280 million (Rs 2,347.81 crore) in T Steel Holdings Pte Ltd (TSHP)," the company said in an exchange filing.

Also Read | Australia: Tamil Asylum Seeker Mano Yogalingam From Sri Lanka Sets Himself on Fire in Melbourne, Dies of Burn Injuries.

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

On August 14, Tata Steel acquired 1,15,92,35,669 ordinary equity shares, aggregating to USD 182 million in TSHP.

Also Read | What Is Oropouche Virus Disease? Know Sloth Fever Symptoms, Treatment and Latest News on the Mysterious Virus That Has Spread Across the US and Europe.

The company acquired 5,57,32,48,408 equity shares of TSHP on July 29 for USD 875 million.

The Board of Directors of Tata Steel on May 29 approved the infusion of funds by way of subscription to equity shares of T Steel Holdings Pte Ltd (TSHP), a wholly-owned foreign subsidiary of the company in one or more tranches, during FY2024-25.

(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)