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Tata Steel to raise $2.3bn in rights issue

Bombay, November 15, 2007

India's Tata Steel will raise 91.35 billion rupees ($2.3 billion) from a rights issue of equity shares and convertible preference shares, a newspaper advertisement showed.

The issue, a part of the financing for the takeover of Corus Group, comprises 121.79 million equity shares issued in the ratio of one for every five, and 548 million convertible preference shares in the ratio of nine for every 10 equity shares held.

The equity shares are priced at 300 rupees each and the convertible preference shares at 100 rupees each.

The issue opens on Nov 22 and close on Dec 21, the advertisement showed.

JM Financial, Citigroup and DSP Merrill Lynch are the lead managers to the issue. Reuters




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