Tata Steel to raise Rs 5,481 cr on convertible shares

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New Delhi, Oct 8:Tata Steel Ltd today said it will raise Rs 5,481 crore through the issue of preference shares on a Right basis to the existing shareholders of the company to part-fund its acquisition of Anglo-Dutch steelmaker Corus.

Tata Steel said in a statement that it will issue nine preference shares for every ten held to the existing equity shareholders.

Six convertible shares of the face value of Rs 100 each will be compulsorily and automatically converted into one equity share fully paid up of Rs 600 each.

The convertible shares will be compulsorily and automatically converted into equity share fully paid up on September 1, 2009


UNI

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