Tata Steel Boosts Stake in ISWP with ₹80 Crore Investment

On May 9, 2024, Tata Steel Limited informed the exchanges that the company had acquired 18,73,493 equity shares of ₹10 each at an issue price of ₹427.01 per share of The Indian Steel & Wire Products Limited (ISWP). The Indian Steel & Wire Products Limited is a subsidiary company of Tata Steel.

Tata Steel has increased its aggregate equity stake to 98.61% in Indian Steel & Wire Products Limited through a preferential basis transaction worth approximately ₹80 crore.

Tata Steel Limited stated that on May 9, 2024, it increased its stake in Indian Steel & Wire Products Limited, and the objective of the acquisition is that these funds shall be used by Indian Steel & Wire Products Limited to meet the expenditure requirement towards its Combi-Mill project.

Pre-acquisition Tata Steel held 1,93,45,731 shares, which is a 98.48% stake in Indian Steel & Wire Products Limited. Post-acquisition of 18,73,493 equity shares, Tata Steel holds 2,12,19,224 equity shares, which is a 98.61% stake in Indian Steel & Wire Products Limited.

Stating the same, Tata Steel stated with the present acquisition, the aggregate equity stake of the company in ISWP between September 2023 and May 2024 has increased by 2.08%, i.e., from 96.53% to 98.61% (i.e., an increase of more than 2% shareholding since the last disclosure made to the stock exchanges on September 8, 2023).

The Indian Steel & Wire Products Limited was incorporated on December 2, 1935. It belongs to the manufacturing of metal and metal products industry. The company is involved in the business of manufacturing TMT rebars, wire rods, wires and wire products as an external processing agent of Tata Steel. Indian Steel & Wire Products Limited is also engaged in the manufacturing and direct marketing of nails, rolls, castings and welding products.

Indian Steel & Wire Products Limited reported a turnover of ₹341.99 crore in FY 2023, ₹354.15 crore in FY 2022 and ₹283.84 crore in FY 2021.

About Tata Steel Limited

Tata Steel was established in 1907. The company is Asia’s first integrated private steel company, boasting a comprehensive presence across the entire steel manufacturing value chain, which includes mining and processing iron ore and coal, distributing finished products etc.

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