27/07/2009 The London Stock Exchange welcomes Tata Steel Limited, one of the top steel producing firms in the world.
The London Stock Exchange welcomes Tata Steel Limited, one of the top steel producing firms in the world. Tata Steel has listed on the Professional Securities Market of the London Stock Exchange 65,410,589 GDRs raising an aggregate amount of US$500 million in one of the largest ever Indian GDR issues to be listed on the London Stock Exchange. The Company has a market cap of US$8.1 Billion as of 24th July 2009 and intends to use the proceeds of the issue for capital expenditure, acquisitions and general corporate purposes including working capital. Commenting on the equity raising, Mr B Muthuraman, Managing Director, Tata Steel Limited said, "The equity raising exercise and the listing on the London Stock Exchange marks a significant milestone in the company's capital raising journey and demonstrates the investors interest in the Company's strategic direction".
Citigroup Global Markets Limited, Goldman Sachs International, J.P. Morgan Securities Limited and UBS Limited acted as Joint lead Managers and Joint Bookrunners to the issue