Tata Steel makes open offer to the shareholders of Tinplate Company of India and Tata Sponge Iron Ltd.
The company offers to buy 14 per cent stake (1.46 crore shares) from public at Rs 60 a share. After the acquisition, the stake of Tata Steel will rise to 73.44 per cent in Tinplate from the current 59.44 per cent. The stock today closed at Rs 46.80 on the BSE.
For Tata Sponge shareholders, the company offers Rs 375 a share as against today's closing price of Rs 306.55. After the acquisition, the Tata Steel's holding in Tata Sponge will go up to 51 per cent from the current 39.74 per cent.
The company, however, did not mention when the offer would be opened, but said the details of the offer would be made through a public statement on or before June 22.