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Tata Steel Takes 92 Percent In The Erstwhile Bhushan Steel Through Convertible Shares

In an indirect route, Bhushan Steel will be issuing Rs 9,000 crore worth Optionally Convertible Preference Shares which can further be converted to Bhushan Steel shares at Rs 30.43 per share.

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The Bhushan Steel resolution gave the company to Tata Steel, renaming it to Tata Steel BSL. The latest price is Rs 34 per share.

As of now, the shareholding was as follows:

-Tata Steel (through Bamnipal Steel): 79 crore shares 

-Banks: 11 crore shares 

-Others: 19 crore shares 

-Total: 109 crore shares.

Tata Steel will be investing Rs 9,000 crore at Rs 30.43 per share

Now, Tata Steel will buy more shares. In an indirect route, Bhushan Steel will be issuing Rs 9,000 crore worth Optionally Convertible Preference Shares which can further be converted to Bhushan Steel shares at Rs 30.43 per share. The shareholding will take them to 92.6% ownership as stated in the press release. 


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