Tata Steel Subscribes to INR 74 Crore of Preferential Shares of TRF

SEATTLE (Scrap Monster): Tata Steel Limited has acquired 7,40,00,000, 12.17% (effective yield) Non-cumulative, Non-convertible, Non-participating, Redeemable Preference shares of TRF Limited.  TRF , a listed associate company of Tata Steel Limited, issued these preference  shares with a face value of Rs 10 each, totaling Rs 74 crore, via private placement.

TRF Limited is a publicly traded subsidiary of Tata Steel Limited and a member of the Tata Steel Group. TRF is in the business of designing and manufacturing bulk material handling systems and equipment for core sector industries like power, ports, steel, mining, and cement for Turnkey projects.

The NCRPS are being acquired to assist TRF in meeting its additional working capital requirements, repaying/prepaying TRF's existing indebtedness (including to financial or operational creditors), and/or for other general corporate purposes.

TRF's manufacturing facility is located in Jamshedpur on a 21-acre plot (covered area: 26,050 square metres) in the Burma mines neighbourhood.

During the previous year, TRF Limited registered revenue of Rs127.14 crore. 

 Courtesy: www.indiainfoline.com