Tata Metaliks rallies 6% as parent company increases stake, Tata Steel gains 8%

Shares of Tata Metaliks (TML) rallied more than 6 percent intraday on March 29 after the company allotted equity shares and convertible warrants worth Rs 403.79 crore to parent company Tata Steel.

Meanwhile, Tata Steel rose nearly 8 percent intraday.

The company in its BSE release said that Tata Steel has acquired 27.97 lakh equity shares at a price of Rs 642 per share aggregating to Rs 179.57 crore and 34,92,500 convertible warrants at a price of Rs 642 a piece aggregating to Rs 224.22 crore.

Tata Steel’s holding in TML now increases from 50.09 percent to 55.06 percent.

At 0926 hrs, Tata Metaliks was quoting Rs 667, up 6.06 percent on the BSE.
At 1027 hrs, Tata Steel was quoting Rs 62.95, up 7.88 percent on the BSE.

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