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Tata Steel Raises $500 Million in Largest Indian GDR Offering in London
07/30/2009 - Upon joining the London Stock Exchange’s Professional Securities Market, Tata Steel Limited raises $500 million, the largest-ever Indian Global Depository Receipt offering in London.
The London Stock Exchange welcomed Tata Steel Limited to its Professional Securities Market (PSM) this week.
Upon its admission to PSM, Tata Steel raised $500 million, the largest-ever Indian Global Depository Receipt (GDR) offering in London, and one of the largest new equity issues to be conducted by a company outside its home market on any global exchange in the last 12 months.
Upon its admission to PSM, Tata Steel raised $500 million, the largest-ever Indian Global Depository Receipt (GDR) offering in London, and one of the largest new equity issues to be conducted by a company outside its home market on any global exchange in the last 12 months.
"The equity raising exercise and the listing on the London Stock Exchange marks a significant milestone in the company's capital raising journey and demonstrates investors' interest in the company's strategic direction," said B. Muthuraman, Tata Steel Managing Director, commenting on the equity raising.
Xavier Rolet, Chief Executive, London Stock Exchange Group, said, "As a globally ambitious Indian company, with significant operations in Europe, Tata Steel is a high profile addition to our markets. Tata Steel's listing demonstrates that London remains the market of choice for companies from across the globe seeking to access a truly global pool of international investment capital and benefit from trading on the International Order Book, the world's most liquid trading platform for Global Depository Receipts".
Established in 1907 as Asia's first integrated private sector steel company, the Tata Steel Group (including Corus) is currently the world's sixth-largest steel producer with an annual crude steel capacity of over 28 million tonnes. It is also the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries.
The Tata Steel Group, with a turnover of US$ 29 billion in FY '09, has over 82,700 employees across five continents and is a Fortune 500 company. Tata Steel India is the first integrated steel plant in the world, outside Japan, to be awarded the Deming Application Prize 2008 for excellence in Total Quality Management.
Tata Steel is the first steel company in India to launch branded products for different customer segments. Today, Tata Steel's product brands include brands such as Tata Tiscon, Tata Shaktee, Tata Steelium, Tata Structura, Tata Pipes, Tata Bearings and Tata Agrico, and now the Galvano.
