The shares worth approximately ₹7,324.41 crore (USD 875 million) were purchased at a nominal value of USD 0.157 per share, totaling 557,32,48,408 shares. Following this acquisition, TSHP will remain a wholly-owned subsidiary of Tata Steel.
The transaction is part of a capital infusion strategy approved by the company's board of directors in May, which includes the purchase of equity shares in various stages.
Tata Steel Limited, based in Mumbai, Maharashtra and part of the Tata Group, is among the world's largest steel producers with an annual crude steel production capacity of 35 million tons.
Reporting a consolidated turnover of USD 31 billion for the fiscal year ending March 31, 2023, Tata Steel has a significant geographical presence with operations and business activities spanning multiple countries.
In India, Tata Steel is the largest domestic producer after Steel Authority of India Ltd (SAIL) with an annual capacity of 21.6 million tons. The company operates in 26 countries, including major operations in India, the Netherlands and the United Kingdom, and employs around 80,500 people.
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