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Tata group hikes stake in Steel Strips

This article was posted on Dec 18, 2008 and is filed under Stock News

Steel Strip Wheels today said Tata Capital has acquired 3.88 per cent stake in company after conversion of bonds into equity shares, raising the total stake of Tata group in the company to 13.50 per cent.In a filing to the Bombay Stock Exchange, Steel Strips Wheels (SSWL) said it has alloted 5.07 lakh shares, representing 3.88 per cent stake in the company, at a price of Rs 197 a share to Tata Capital in lieu of optionally convertible bonds.

Another Tata group firm Tata Steel, through its wholly-owned subsidiary Kalimati Investment Company, holds 12.55 lakh shares representing nearly 10 per cent stake in the company. Pursuant to the allotment, the total stake of Tata Group in SSWL has increased to 13.50 per cent of the total enhanced paid up capital of the company.

Shares of SSWL closed at Rs 52.10, up 8.09 per cent on the BSE today.

source: Business-Standard

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