Tata Steel plans to increase $500 million via global depository receipts.
Reportedly, Citigroup and JP Morgan have been selected as managers for the subject and it will be made public in the near future.
The funds arranged through the process will be used to fund the continuing 2.9 million tonne growth plan at the Jamshedpur factory.
In October last year, the company had grown capacity of its Jamshedpur factory to 6.8 mtpa from previous 5 mtpa.
The present growth plan is a high priority venture for the company and will be finished by the calendar year’s end.
Tata Steel had posted an 11% increase in its net gain during the previous economic year that remained at Rs.5, 201.74crore opposed to Rs.4, 687.03crore during 2007-08.