The ₹1,650-crore rights issue of Tata Sponge Iron opens for subscription on Tuesday and ends on July 16. The company will issue 3.3 crore shares to eligible investors, who will get to subscribe to 15 shares for every seven held. The issue has been priced at ₹500 a share.
The company had fixed June 25 as the record date to identify eligible shareholders. Through the issue, Tata Sponge plans to retire debts worth ₹1,250 crore, which it had raised to acquire Usha Martin.
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