Tata Steel Long Products subsequently acquired 4,68,75,000 equity shares, each Rs10/- at a premium of Rs 54 per share, from Neelachal Ispat Nigam (NINL), a subsidiary of the Company, for a total amount of Rs 300 crore, to Tranche 2 of investment in NINL equity shares.

The proposed funding will be used for NINL’s initial working capital and capital expenditure needs including the establishment of an iron and steel plant in Kalinganagar, settlement/prepayment of liabilities and for other general corporate purposes.

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(This story has not been edited by Business Standard staff and was automatically generated from a syndicated feed.)

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