Tata Steel weighs up London fund-raising?
MIL/Agencies, Feb 1, 2007.
London, February 1, 2007 - A day after its successful bid to take over Anglo-Dutch steel company Corus at 6.7 billion pounds, India's Tata Steel is examining plans for a London listing of global depositary receipts (GDRs), media reported on Thursday.
The move could raise hundreds of millions of pounds to help offset the huge debt Tata has piled up to secure the Anglo-Dutch steel company, The Daily Telegraph stated.
The Indian firm is working with Merrill Lynch and Morgan Stanley, the investment banks, on a series of financing options, the report said.
After a three-month bidding war with Brazilian steel rival CSN, Tata Steel secured Corus following an eight-hour auction that ended in the early hours yesterday.
The report quoted B Muthuraman, managing director of Tata Steel, saying the company would look at a range of "financial instruments" before deciding on any fund-raising, as per PTI.
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