Tata Steel has acquired 46.8 million equity shares of INR 10 each at a premium of INR 54 per share of Neelachal Ispat Nigam Limited, an unlisted indirect subsidiary for an amount aggregating to INR 300 crore, being Tranche 1 of the investment in the equity shares of NINL.The proposed funding will be utilized towards the working capital and CAPEX requirement of NINL including start-up of iron and steel plant at Kalinganagar, repayment or prepayment of liabilities and for other general corporate purposes.Neelachal Ispat Nigam Limited has a 1.1 million tonnes per annum integrated iron and steel plant at Kalinganagar Odisha, along with iron ore mines with a reserve of ~90 MT.
Tata Steel has acquired 46.8 million equity shares of INR 10 each at a premium of INR 54 per share of Neelachal Ispat Nigam Limited, an unlisted indirect subsidiary for an amount aggregating to INR 300 crore, being Tranche 1 of the investment in the equity shares of NINL.The proposed funding will be utilized towards the working capital and CAPEX requirement of NINL including start-up of iron and steel plant at Kalinganagar, repayment or prepayment of liabilities and for other general corporate purposes.Neelachal Ispat Nigam Limited has a 1.1 million tonnes per annum integrated iron and steel plant at Kalinganagar Odisha, along with iron ore mines with a reserve of ~90 MT.
