Tata Steel BSL has received approval to raise funds through issuance of Non-Convertible Redeemable Preference Shares (NCRPS) to Tata Steel, on a private placement basis for an amount not exceeding to Rs 12,000 crore. The Board of Directors of the Company at its meeting held on January 09, 2019 has approved the same.
Tata Steel BSL formerly known as Bhushan Steel is the largest manufacturer of auto-grade steel in India. Tata Steel BSL with a large amount of debt in proportion to its equity, is a highly leveraged company.