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The Board of Tata Steel at its meeting held on 29 May 2024 has approved investment in T Steel Holdings as under:
(a) Approved the proposal to infuse funds up to USD 2.11 Billion (Rs 17,407.50 crore), by way of subscription to equity shares of T Steel Holdings (TSHP), wholly owned foreign subsidiary of the Company, in one or more tranches, during FY2024-25.
(b) Approved the proposal to convert debt instruments aggregating to USD 565 Million (Rs 4,661.25 crore) held by the Company in TSHP into equity shares, during FY2024-25. The Company will continue to hold these converted equity shares.
The proposed fund infusion will be used by TSHP to repay the existing external debt at offshore entities and to support the restructuring costs at Tata Steel UK.
Tata Steel Limited holds 100% equity shareholding in TSHP. Post the proposed transactions, Tata Steel will continue to hold 100% of equity shareholding in TSHP.
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