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How Tata steel plans to fund Corus buy
April 17, 2007 18:20 IST
Tata Steel on Tuesday said it will sell equity shares worth $2.3 billion in domestic and overseas markets, besides $6.1 billion in debt to fund acquisition of Anglo-Dutch firm Corus Group Plc.
The board of directors of the company cleared a host of proposals such as a rights issue, a convertible preferential shares issue and an overseas equity-related issue to raise a total of $12.9 billion.
The company would raise $4.1 billion in equity and $6.14 billion in long-term debt from banks.
It will arrange $2.66 billion through a mix of quasi-equity and capital funding at its subsidiary Tata Steel Asia Singapore.
The Tata-Corus saga: Complete Coverage