Tata Steel is currently trading at Rs 599.00, up by 2.70 points or 0.45% from its previous closing of Rs 596.30 on the BSE.
The scrip opened at Rs 600.35 and has touched a high and low of Rs 602.90 and Rs 596.55 respectively. So far 264725 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 737.00 on 26-Mar-2010 and a 52 week low of Rs 448.65 on 26-Jul-2010.
Last one week high and low of the scrip stood at Rs 607.00 and Rs 577.15 respectively. The current market cap of the company is Rs 57441.88 crore.
The promoters holding in the company stood at 32.53% while Institutions and Non-Institutions held 42.37% and 23.90% respectively.
Tata Steel has successfully completed the issuance of perpetual hybrid securities worth Rs 1,500 crore. With the issuance of this bond the company became the first Indian corporate to issue securities of such kind. ICICI Bank and J.P. Morgan Securities India were the mandated lead arrangers for the issuance.
The unique features of the securities are that they are perpetual in nature with no maturity or redemption and are callable only at the option of the company. The distribution rate (which may be deferred at the company’s option) on the securities is set at 11.8 percent, with a step up provision if the securities aren’t called after 10 years.
These securities rank senior only to share capital of the company. This provides equity characteristic to these hybrid securities.
Recently, Tata Steel has signed a binding agreement with Canadian iron ore miner New Millennium Capital Corp (NML) for joint development of the taconite iron ore deposit in Canada, 30 kilometers northwest of Schefferville.
Also in a bid to strengthen its downstream capability to serve the automotive sector, the company is planning to set up a new line to double the slitting capacity of its service centre at Gelsenkirchen, in Germany.
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