Tata Steel Ltd announced the conversion of $565 million (₹4,713.03 crore) in debt into equity shares in its subsidiary, T Steel Holdings Pte. Ltd. (TSHP), on Friday, June 28. This decision was approved by Tata Steel’s Board of Directors on May 29, 2024, for the fiscal year 2024-25.
The debt instruments, valued at $564.75 million (₹4,713.03 crore), were converted into 359,71,33,758 fully paid-up equity shares of $0.157 each. After the conversion, TSHP remains a wholly owned subsidiary of Tata Steel.
In the January-March quarter, Tata Steel reported a net profit of ₹554.6 crore, below the expected ₹942 crore. This represents a 65% drop from ₹1,566 crore in the same quarter last year. Revenue for Q4FY24 was ₹58,687.3 crore, slightly above the expected ₹58,170 crore, but down 7% from ₹62,961 crore a year ago.
The company’s EBITDA for the quarter was ₹6,600.7 crore, higher than the expected ₹6,179 crore but down 8.6% from ₹7,219 crore in Q4FY23. Tata Steel shares closed at ₹174.00 on the BSE, down by ₹0.15 or 0.086%.