Wednesday, 19 January 2011

Tata Steel Issues (FPO) Follow on Public Offering today

Tata steel is in Tata Group of Companies earlier named TISCO and Tata Iron and Steel Company Limited and the largest steel producers in India (5th Largest steel producer in the world) and also the largest steel producing company in the private sector companies. Now Tata Steel issues FPO or Follow on Public Offering (FPO – A public offer after the IPO)  of 5.7 core shares with a face value of Rs. 10 with the price band between Rs. 594 to Rs. 610 and the minimum quantity of shares to be applied is 10.Bid open on 19th January, 2011 and closes on 21st January, 2011. The company expected to raise around Rs. 3500 crores.

The income which may be derived from the issue is supposed to spend for the expansion work at Jamshedpur and also may be spend for clearing the acquisition cost.

Tata Steel is the largest steel producer in India. Now Tata Steel is hitting market with follow on offer, the 5.7 crore shares will open from 19-Jan-2011 to 21-Jan-2011. The price band is fixed to Rs.594 to Rs.610 per share. It is expected to raise Rs.3500 crores approx.

As a top level private sector company the shares of Tata steel will be a worth for the investors.

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