Tata Steel board has approved raising Rs 12,800 crore for fuel growth strategy

Vastavam web: Steel major Tata Steel today said its board has approved raising Rs 12,800 crore through a rights issue to finance organic and inorganic growth plans.The board in its meeting today also approved a proposal to expand the capacity of Kalinganagar plant by 5 million tonne per annum (MTPA) to 8 MTPA with a total investment of Rs 23,500 crore, the company said in a statement.”The Board approved issuance of equity and equity linked instruments including ordinary shares of the company by way of a rights issue to existing shareholders on record date for an amount not exceeding Rs 12,800 crore…,” the statement said.

Tata Steel said that following the successful implementation of the phase 1 of the Kalinganagar Project in Odisha, “the board approved the next phase of expansion of capacity in Kalinganagar by 5 MTPA from 3 MTPA to 8 MTPA (million tonne per annum)”.