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Wednesday, January 19, 2011

Tata Steel FPO covered 0.19 times till 4 PM on the opening day

Tata Steel FPO, which opened for subscription from today, is bid about 19% till 4 PM as per the data available on the NSE website. Tata Steel FPO would remain open for subscription till Friday, January 21, 2011

Tata Steel, formerly known as TISCO and Tata Iron and Steel Company Limited is the largest private sector steel company in India in terms of domestic production. Tata Steel is part of Tata Group of companies

Tata Steel intends to use proceeds from the FPO for partly financing the company’s share of capital expenditure for expansion of existing works at Jamshedpur; and payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the company on a private placement basis
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