Tata Steel BSL to allot shares worth Rs 2,300 crore to Tata Steel

New Delhi: Tata Steel BSL on Monday said its committee of directors has approved allotment of shares worth Rs 2,300 crore to Tata Steel on private placement basis.

"We wish to inform you that the committee of directors has today approved allotment of 230,00,00,000 - 8.89 per cent optionally convertible redeemable preference shares having face value of Rs 10 each for cash aggregating to Rs 2,300 crore to Tata Steel Limited (OCRPS Series II) on private placement basis," Tata Steel BSL said in a BSE filing.

Tata Steel had won the bid to acquire debt-laden Bhushan Steel in an insolvency auction and later renamed the company as Tata Steel BSL.

Shares of Tata Steel BSL ended 4.27 per cent down at Rs 28.05 apiece on BSE on Monday.