Tata Metaliks Ltd board approved issue of 1 crore 8.5 per cent cumulative redeemable preference (CRP) shares of Rs 100 each to Tata Steel, the promoter, for mopping Rs 100 crore.
The instrument is redeemable after 36 months from the date of allotment, a company disclosure to the stock exchange.
The board had in February proposed to increase share capital from the present Rs 100 crore to Rs 150 crore.
The shareholders through a postal ballot also approved the proposed issue of preferential issue of share.
Tata Steel currently holds 46.66 per cent stake in West Bengal located pig iron producer Tata Metaliks, out of a total promoter holding of 50.10 per cent.
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