Tata Steel Ltd. converted debt instruments aggregating to $564 million, or around Rs 4,713 crore, held by the company in subsidiary T Steel Holdings Pte. into equity.
The company converted the debt into over 359 crore fully paid-up equity shares of face value $0.157 each. Post this conversion, TSHP will continue to be a wholly owned subsidiary of the company, according to an exchange filing.
Meanwhile, Tata Steel announced on Friday that it's compelled to take legal steps to contest the legitimacy of a steelworkers' union strike vote. The company also cautioned that its blast furnaces at Port Talbot in the UK might need to halt operations due to the ongoing industrial action.
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Initially, the Mumbai-based steelmaker had scheduled the closure of one blast furnace by June-end and the second one by September. Yet, the potential strike by Unite the Union on July 8 could accelerate the shutdown process.
Shares of Tata Steel closed flat at Rs 174 apiece on Friday, as compared with a 0.27% decline in the benchmark BSE Sensex.
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