On Friday, June 15, Indian steelmaker Tata Steel proposed to increase its stake in its subsidiary The Tinplate Company of India Ltd (TCIL) by up to 14 percent, according to Indian media sources.
The steelmaker will acquire up to 1,465,000 shares in TCIL for a consideration of INR 879.2 million ($15.70 million). Tata Steel currently owns a 59.4 percent stake in the company, which will increase to 73.44 percent if subscribed fully.
Following Tata Steel's proposal to increase its stake, TCIL shares rose by almost 19 percent.
The details of the offer are expected to be available on or before June 22.