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Tata Metal invests Rs 13 crore in affiliate firm

Tata Metal has infused Rs 13 crore in its affiliate firm TRF Ltd by buying 1.30 crore Optionally Convertible Redeemable Desire Shares – Sequence 2. The shares will carry a coupon of 11.25 per cent.

The OCRPS are being acquired to help TRF scale back its present debt, pay distributors dues, search materials provides help for finishing legacy initiatives and ship different dedicated orders and meet different normal company functions, mentioned Tata Metal in an announcement on Saturday.

As a promoter, Tata Metal holds 34.11 per cent fairness shares in TRF, 25 crore Non-Convertible Redeemable Desire Shares and 1.20 crore 11.25 per cent Optionally Convertible Redeemable Desire Shares aggregating to 100 per cent of the entire desire share capital.

The income of TRF final fiscal was down at Rs 114 crore towards Rs 186 crore logged in the identical interval final 12 months. In FY19, it was Rs 237 crore.

TRF is engaged within the enterprise of designing and manufacturing bulk materials dealing with techniques and gear for core sector industries equivalent to energy, ports, metal, mining and cement for initiatives undertaken on turnkey foundation.

The gear contains crushers, screens, feeders, conveying gear, mining gear, wagon tippler techniques and stacker reclaimer.

TRF operates electromechanical jobs, industrial construction and fabrication, lifecycle providers and allied providers, together with electro-mechanical jobs and industrial fabrication specialised in design, manufacture, erection and commissioning of models or gear, lifecycle providers to fulfill the post-commissioning requirement of shoppers.

The manufacturing facility of the corporate is positioned at Jamshedpur works on a 21-acre space at Burmamines, mentioned Tata Metal.

Printed on

Might 14, 2022

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