PTI reported that TATA Steel proposed to hike its stake in group firms TATA Sponge Iron and The Tinplate Company by up to 11.26% and 14% respectively, for a total consideration of INR 153 crore.

TATA Steel announced a voluntary offer to buy up to 1.724 million shares in TATA Sponge Iron, an associate firm, at INR 375 a share, entailing a total outgo of INR 65.02 crore.

In a separate exchange filing, the steel major said it would acquire up to 1.465 million shares in The Tinplate Company for INR 60 a share for a total of about INR 87.92 crore.

Following the offer, TATA Steel's stake in TATA Sponge would go up to 51% and in Tinplate Company up to 73.44%, if subscribed fully. Tata Sponge Iron has manufacturing facility at Bilaipada in Odisha.

TATA Steel, however, did not mention when the offers would be opened, but maintained that the details of the offer would be made through a public statement on or before June 22. The offers are not conditional upon any minimum level of acceptance as these are voluntary offers.

Source - PTI

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