NEW DELHI (dpa-AFX) - Tata Steel Ltd. (TATASTEEL, 500470), an Indian steel major, announced on Wednesday that it has acquired 1.159 billion shares for around $182 million or $0.157 per share in T Steel Holdings Pte. Ltd. or TSHP.
Post-transaction, TSHP will continue as a wholly owned subsidiary of Tata Steel.
The transaction follows Tata Steel's previous announcement on its decision to infuse funds by way of subscription to the shares of TSHP, a wholly owned foreign subsidiary of the company, in one or more tranches.
On July 29, the steel major had acquired 5.573 billion shares with a face value of $0.157 per share or $875 million.
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