Tata Steel: Taking a big step towards strengthening its business outside the country, Tata Steel has secured shares of Rs 3,100 crore in Tata Steel (T Steel Holdings PTE. Ltd.), its subsidiary company in Singapore. Tata Steel Limited said on Tuesday that the company bought a share of Rs 3,104.03 crore ($ 355 million) in its unit Tea Steel Holdings Private Limited in Singapore. According to the exchange filing, the company has bought 353.23 crore shares with face value of $ 0.1005 per share. With this, now Tea Steel Holdings will remain the subsidiary company of Tata Steel, on which Tata Steel will remain owned.
Increasing stake in the company
Earlier in July, Tata Steel won a share of Rs 1,074 crore in Tea Steel Holdings. In February, the company bought shares worth Rs 10,727 crore in Tea Steel Holdings. In August 2024, a stake of Rs 2,348 crore was purchased. The company plans to acquire shares in one or more installments during this financial year. Earlier in May, the company said that it will continue to invest to increase its stake in Tea Steel Holdings.
Tata Steel Share Price
As soon as the news of Tata Steel’s stake in Tea Steel Holdings came to light after the market closure on Tuesday, similarly the company’s shares climbed 2.88 percent to close at Rs 155.03 per share, while the benchmark Nifty has fallen by 1.02 percent in 50. The company’s shares have declined by 0.43 percent in the last 12 months.
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