Corporate

Tata Steel to hike borrowing limit

Tata Steel plans to seek shareholder approval to enhance its borrowing limit to ₹70,000 crore from ₹50,000 crore or the aggregate of its paid-up capital and free reserves, whichever is higher. The paid-up capital of the company was ₹971 crore and it has reserves of ₹60,176 crore. It is also weighing the option of creating charges on movable and immovable properties to raise funds. Tata Steel plans to raise ₹14,000 crore by issuing debt securities in the international or domestic markets. On Tuesday, the company’s shares were up 1 per cent, at ₹532, on the BSE. Our Bureau