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20 January, 2019 18:09 IST
Tata Steel to acquire additional 4.19% stake in Subarnarekha Port
Source: IRIS | 11 Apr, 2018, 09.53AM
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Tata Steel has on April 09, 2018 entered into a definitive agreement to subscribe to additional 4.19% equity share of Subarnarekha Port for consideration of Rs 100 million.

Following such subscription, Tata Steel (Q,N,C,F)* shall hold an aggregate 7.06% of the equity share capital of Subarnarekha Port. The transaction is expected to be completed in one month.

Subarnarekha Port, is a subsidiary of Creative Port Development which has executed a concession agreement with Government of Odisha to develop the Subarnarekha Port.

Shares of the company gained Rs 5.45, or 0.91%, to trade at Rs 607.15. The total volume of shares traded was 112,879 at the BSE (9.40 a.m., Wednesday).

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