Indian steelmaker Tata Steel proposed increasing its stake in its subsidiary the Tinplate Company of India Ltd. (TCIL) by up to 14%, 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 (US$15.7 million). Tata Steel currently owns a 59.4% stake in the company; that will increase to 73.44% if subscribed fully.

Following Tata Steel's proposal to increase its stake, TCIL shares rose by almost 19%.

Details of the offer are expected to be available on or before June 22.