Biznextindia : Tata Steel Limited has on May 7, 2022, acquired 1.20 crore, 11.25% Optionally Convertible Redeemable Preference Shares (OCRPS) of face value ₹10/- each of TRF Limited, aggregating to ₹12 crore.
TRF is a listed associate company of Tata Steel Limited (Company) and forms part of the Tata Steel Group. TRF is engaged in the business of designing & manufacturing of the bulk material handling systems and equipment for core sector industries such as power, ports, steel, mining and cement for projects undertaken on Turnkey basis.
The Company, being the Promoter Company, holds 34.11% equity shareholding in TRF as on date and 25,00,00,000 (Twenty-five crore) Non-Convertible Redeemable Preference Shares (‘NCRPS’) of face value ₹10/- each aggregating to 100% of the preference share capital.
With this acquisition, Tata Steel Limited will hold 1,20,00,000 (One crore twenty lakh), 11.25% OCRPS representing 100% of the preference share capital of TRF.