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Tata Sons, the holding company of the group, has hiked its stake in Tata Steel by converting 1.2 crore warrants into equal number of shares for Rs 712.8 crore.
“Tata Sons vide their letter dated January 20, 2012 has exercised the option to convert 1.2 crore warrants into ordinary shares of the company at a price of Rs 594 per share,” Tata Steel said in a regulatory filing to the BSE.
As on December-end, Tata Sons’ stake in Tata Steel was 28.8 per cent.
Tata Steel said its committee of directors has approved the allotment of 1.2 crore shares of Rs 10 each to Tata Sons at a premium of Rs 584 per share.
Tata Steel shares were trading 0.64 per cent higher at Rs 438 apiece on the BSE at the pre-close session today.
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