Tata Steel raises Rs 4,000 crore through non-core asset sale
Manjiri Meshram / 21 Sep 2015
Tata Steel has raised more than Rs 4,100 crore through the sale of non-core assets this year to strengthen its balance sheet and generate cash. Last week, Tata Steel sold 1.33 per cent stake in group company Tata Motors to institutional investors for Rs 1,250.69 crore.
Tata Steel has raised more than Rs 4,100 crore through the sale of non-core assets this year to strengthen its balance sheet and generate cash. Last week, Tata Steel sold 1.33 per cent stake in group company Tata Motors to institutional investors for Rs 1,250.69 crore. Company also sold a similar stake in Tata Motors to promote the group Tata Sons for Rs 1,249.99 crore for portfolio restructuring.
In the April-June quarter, Tata Steel raised above Rs 1000 crore through equity liquidation and Rs 637.46 crore in August by selling stake in group company Titan for monetising its non-core and listed assets.
The total that Tata Steel has raised amounts to around Rs 4138 crore since April 2015. As company mentioned in its Q1FY16 results that , Tata Steel continues its strategy of monetising non-core assets and has raised about Rs 1000 crore during the quarter by selling a part of its equity portfolio.
Tata Steel sold 2.18 per cent of its stake in Titan Company to Tata Sons through a market sale for a net consideration of Rs 637.46 crore in August 2015. Also the company in the last 5-6 years had raised around Rs 15000 crore through the monetisation of strategic, non-core and listed assets.
The Company is taking steps towards improving its capital structure. The company strives to maximise the use of internal accruals and to monetise its non-core assets regularly to fund capital expenditure. The company is continuing to pursue its strategy of monetising non-core assets.
Today, Tata Steel is trading at Rs 225, down by 1.4 per cent.
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