Tata Metaliks rose over 6% and touched the weekly high of Rs72.90 and Tata Steel surged nearly 2% and touched the day's high of Rs450.70 on the BSE.
Tata Metaliks said its board has approved an issue of preference shares worth Rs100 crore to its promoter Tata Steel.
'The board of the company at its meeting held, approved issue of one crore cumulative redeemable preference shares of Rs100 each aggregating to Rs100 crore to Tata Steel on preferential basis,' the company said in a filing to the BSE.
The preference shares, to be alloted to Tata Steel, will carry a coupon rate of 8.5% and are redeemable after 3 years from the date of allotment, it added.
As on December 31, 2011, Tata Steel holds 46.66% stake in Tata Metaliks, which is into pig iron manufacturing.
At 9.27 am, Tata Metaliks was trading at Rs72.50, up by 7.33%, with a volume of 0.27 lakh shares on the BSE.
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Tata Metaliks said its board has approved an issue of preference shares worth Rs100 crore to its promoter Tata Steel.
'The board of the company at its meeting held, approved issue of one crore cumulative redeemable preference shares of Rs100 each aggregating to Rs100 crore to Tata Steel on preferential basis,' the company said in a filing to the BSE.
The preference shares, to be alloted to Tata Steel, will carry a coupon rate of 8.5% and are redeemable after 3 years from the date of allotment, it added.
As on December 31, 2011, Tata Steel holds 46.66% stake in Tata Metaliks, which is into pig iron manufacturing.
At 9.27 am, Tata Metaliks was trading at Rs72.50, up by 7.33%, with a volume of 0.27 lakh shares on the BSE.
....more info