Tata Steel board to consider fund raising next week
Tata Steel’s board of directors will be meeting next week to consider a proposal to raise funds via a combination of methods, the company said in a stock exchange filing on Wednesday.
The company will be meeting on December 18 and the meeting will continue till December 19 when the proposal regarding fund raising will be considered by the board.
It said that the the company will consider a proposal of raising funds by issuing equity shares or other securities, including a qualifies institutional placement (QIP), rights issue or through another permissible mode.
In recent months, Tata Steel is reported to have shown interest in buying distressed assets like Essar Steel and Electrosteels Steel. The final bids for Essar Steel is slated to be submitted by December 20.