Tata Steel associate stock hits upper circuit on fourth day in a row | Mint – Mint

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Stock market today: After the newsbreak of Tata Steel investing 165 crore in its associate company TRF, bulls are highly bullish on TRF shares. As a result, this Tata Steel associate share has been hitting upper circuit for last four trade sessions, logging more than 21 per cent rise in last one week. TRF share price today opened upside at 163.35 and hit upper circuit within minutes of market opening.

In an exchange communication last week, Tata Steel had informed about investment in its associate company citing, “This is to inform you that Tata Steel Limited has on, June 8, 2022, acquired 16,50,00,000 (Sixteen crore Fifty lakh), 12.17% (effective yield) Non-cumulative, Non-convertible, Non-Participating, Redeemable Preference Shares (‘NCRPS’) of face value 10/- each of TRF Limited, aggregating to 165 crore.”

TRF also informed about the investment citing, “We wish to inform you that the Committee of Directors, as authorized by the Board of Directors (‘Board’) at its meeting held on March 14, 2022, has on June 8, 2022 approved the allotment of 16,50,00,000 (Sixteen crore fifty lakh),12.17% (effective yield) non-cumulative, non-convertible, non-participating, redeemable preference shares of face value 10 each, at par, for consideration in the form of cash, aggregating to 165 crore, (‘NCRPS Series-1’) to Tata Steel Limited, on private placement basis, on terms and conditions as approved by the Board. The NCRPS will be unlisted.”

TRF promoter company Tata Steel holds 34.11 per cent stake in TRF as on date. Tata Steel holds 25 crore Non-Convertible Redeemable Preference Shares of face value 10 each and 2.5 crore Optionally Convertible Redeemable Preference Shares (‘OCRPS’) of face value 10 each, aggregating to 100 per cent of the total preference share capital.

As per TRF share price history, the stock has been ascending continuously after making a close of 111.90 on NSE on 12th May 2022. TRF share price today is 163.35 that means the stock has surged around 46 per cent this near one month period.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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