Tata Steel has acquired 1.30 crore optionally convertible redeemable preference shares (OCRPS) having a face value of INR 10 each of associate firm, TRF. The transaction aggregates to INR 13 crore. Tata Steel now holds 2.5 crore OCRPS - representing 100% of the preference share capital of TRF.
The OCRPS are being acquired to assist TRF in repayment/prepayment of the whole or a part of the existing indebtedness of TRF, payment against long-outstanding vendor dues, to seek their support towards material supplies for completing legacy projects and to deliver other committed orders. Currently, Tata Steel holds 37,53,275 equity shares aggregating to 34.11% of the equity share capital of TRF, 25 crore Non-Convertible Redeemable Preference Shares, and 1.20 crore Optionally Convertible Redeemable Preference Shares (Series-1).
TRF, a listed associate company of Tata Steel, is engaged in the business of designing & manufacturing bulk material handling systems and equipment for power, ports, steel, mining, and cement industries.
Want to receive such news items in your inbox? Click Here to sign up for a trial.