Tata Steel has Announce FPO
TATA India’s Biggest steel producer is coming into market with Follow on Offer (FPO). The TATA Steel issue of 5.7 crore shares will open from January 19th to January 21st. Tata steel has decided the price band fixed at 594 to Rs 610 per share. Tata upper end of price band will raise approximately Rs 3500 Crores.
The lead book running managers are
- Kotak Mahindra Capital Company Limited
- Citigroup Global Markets India Private Limited
- Deutsche Equities (India) Private Limited
- HSBC Securities and Capital Markets (India) Private Ltd.
- RBS Equities (India) Limited
- SBI Capital Markets Limited
- Standard Chartered Securities (India) Limited
The money from FPO proceeds would be utilized for financing the existing expansion work at Jamshedpur and clear a part of the debt created by Corus acquisition in Jan 2007. Tata Steel, after Corus acquisition has become the 5th largest steel maker in the world.