Tata Steel planning to raise $2bn in equity
Tata Steel, the world’s No. 8 steelmaker, plans to raise about USD 2 billion through fresh equity over the next quarter to help fund expansion in India and abroad, the Financial Chronicle said on Wednesday.
The steelmaker had sounded out investment banks to finalise a lead arranger for the offering, the newspaper said, citing bankers familiar with the development.
The funds would be raised in three or four equal tranches either by selling shares to institutions or through Global Depositary Receipts, it said.
“We will raise funds as and when we have a requirement,” a Tata Steel official told the paper.
Company officials could not be immediately reached by Reuters for a comment, but Tata Steel’s finance head, Koushik Chatterjee, had said in May the company was looking at options to raise equity and was seeking long-term funds for steel projects.
Source:- Moneycontrol
