Tata Steel gains on completing the acquisition of Bhushan Energy

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Tata Steel is currently trading at Rs. 491.90, up by 4.00 points or 0.82% from its previous closing of Rs. 487.90 on the BSE. The scrip opened at Rs. 487.00 and has touched a high and low of Rs. 494.55 and Rs. 485.35 respectively. So far 86480 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 646.70 on 21-Sep-2018 and a 52 week low of Rs. 442.10 on 29-Jan-2019. Last one week high and low of the scrip stood at Rs. 518.10 and Rs. 481.40 respectively. The current market cap of the company is Rs. 59447.38 crore.

The promoters holding in the company stood at 33.12%, while Institutions and Non-Institutions held 43.77% and 21.99% respectively.

Tata Steel has completed the acquisition of Bhushan Energy. Earlier, the National Company Law Tribunal (NCLT) has approved the resolution plan of Tata Steel to acquire Bhushan Energy for around Rs 800 crore. Bhushan Energy was a subsidiary of Bhushan Steel, which was also taken over by Tata Steel last year in May and later renamed as Tata Steel BSL. Tata Steel had offered Rs 35,200 crore in cash to acquire Bhushan Steel besides Rs 1,200 crore to creditors and convert the remaining debt owed to banks to equity.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.

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