Tata Steel Bolsters Global Footprint with Major Investment in Singapore Subsidiary

Tata Steel has significantly increased its investment in its Singapore-based subsidiary, T Steel Holdings Pte Ltd, with an acquisition of 178 crore additional equity shares worth USD 280 million. This brings the total investment in TSHP to USD 1,337 million, ensuring it remains a wholly-owned subsidiary.

Devdiscourse News Desk | New Delhi | Updated: 28-08-2024 18:45 IST | Created: 28-08-2024 18:45 IST

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Tata Steel announced on Wednesday that it has acquired an additional 178 crore equity shares of T Steel Holdings Pte Ltd for USD 280 million, increasing the total fund infusion into its Singapore-based arm to USD 1,337 million.

The company acquired 1,78,34,39,490 ordinary equity shares at USD 0.157 each, for a total of USD 280 million (Rs 2,347.81 crore), according to an exchange filing. Post-acquisition, TSHP remains a wholly-owned subsidiary of Tata Steel.

This latest investment follows acquisitions on August 14 and July 29, bringing the company's total shareholding in TSHP to significant levels. In May, Tata Steel's Board approved the fund infusion for FY2024-25 through multiple tranches.

(With inputs from agencies.)