Tata Steel raises $ 500 Mn- largest ever Indian GDR offering in London

The London Stock Exchange today welcomed Tata Steel Limited on to its Professional Securities Market (PSM). On admission Tata Steel raised $ 500 million, the largest ever Indian Global Depository Receipt (GDR) offering in London, and one of the biggest new equity issues to be conducted by a company outside its home market on any global exchange in the last 12 months.

Commenting on the equity raising, Mr B Muthuraman, Managing Director of Tata Steel, said, “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.”

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 GDRs”.

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