Tata Steel said on Tuesday its board will meet on April 17 to discuss plans for funding the $12 billion acquisition of Anglo-Dutch firm Corus Group Plc.

The board would consider proposals to finance investment in the special purpose vehicle floated for acquiring Corus, the company said in a filing to the Bombay Stock Exchange.

Tata Steel had outbid Brazil's CSN to acquire Corus at a price of 608 pence a share after a nine-round auction in January, making it the world's fifth-largest steel firm.

The Indian company has already spent close to $2.5 billion for acquiring about 21 per cent stake in Corus through open market transactions.

Tata Steel UK Plc, a subsidiary of the Indian firm, had said last week the consideration money and applicable loan note certificates for the takeover would be dispatched to Corus shareholders on April 11.

The Tata-Corus saga