Tata Steel raises $500 m via GDRs

Special Correspondent

The securities will be listed on the London Stock Exchange

MUMBAI: Tata Steel on Tuesday raised $500 million through the issue of 65.41 million Global Depository Receipts (GDRs). Each GDR, representing one ordinary share, has been priced at $7.644 and will be listed on the Professional Securities Market of the London Stock Exchange.

Commenting on this, the equity raising , company Managing Director B. Muthuraman, Managing Director, Tata Steel, said, “The equity raising exercise and the listing on the London Stock Exchange demonstrate the investor’s interest in the company’s strategic direction.” Company Chief Financial Officer Koushik Chatterjee said, “The GDR offering has attracted demand from good quality investors which enabled the company to increase the offering size from $400 million to $500 million, being one of the largest GDR offerings by any Indian company on the London Stock Exchange.”

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