Tata Steel acquired 4,68,75,000 equity shares of Rs 10/- each at a premium of Rs 54/- per share of Neelachal Ispat Nigam (NINL), an unlisted indirect subsidiary of the Company, for an amount totaling Rs 300 crore on 21 February 2023, constituting Tranche 1 of the investment in NINL’s equity shares. The proposed funding will be used to meet NINL’s working capital and capex needs, including the start-up of an iron and steel plant in Kalinganagar, the repayment/prepayment of liabilities, and other general corporate purposes.
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