Tata Steel and Suzlon Energy are planning to mop up funds to the tune of $925
million (approx Rs 4,440 crore) by selling shares to international investors.
Tata Steel is planning to issue global depository receipts (GDR) worth $400
million (approx Rs 1,944 crore) with an option to collect $350 million (approx
1,701 crore) more, depending on investor response. On the other hand, Suzlon
will offer GDRs worth $100 million (approx Rs 486 crore), but has kept an option
to collect $75 million (approx Rs 364.5 crore) more. Tata Steel is likely to use
the proceeds to part finance its growth plan.
Also See:
Tata Steel
raises stake in Riversdale (17-Jul-09)