Tata Steel surges on plan to raise $1.24 billion through sale of bonds

Tata Steel is currently trading at Rs. 442.25, up by 15.35 points or 3.60% from its previous closing of Rs. 426.90 on the BSE. The scrip opened at Rs. 430.00 and has touched a high and low of Rs. 444.00 and Rs. 430.00 respectively. So far 460504 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 441.25 on 13-May-2014 and a 52 week low of Rs. 195.40 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 441.25 and Rs. 396.50 respectively. The current market cap of the company is Rs. 42160.46 crore. The promoters holding in the company stood at 31.35% while Institutions and Non-Institutions held 40.87% and 24.81% respectively. Tata Steel is reportedly planning to raise $1.24 billion overseas via the sale of bonds by one of its Singapore entities. This is part of a mega $7 billion debt refinancing initiative for Tata Steel Europe, formerly known as Corus. Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.