Tata Steel Likely To Unveil GDRs In Singapore

Kolkata: Tata Steel is looking at the Singapore Stock Exchange for listing a possible global depository receipt (GDR) issue for raising $500 million (Rs 2,100 crore) to part-finance its $12.9 billion (Rs 52,350 crore) taking over of Anglo-Dutch steel maker Corus. This will be over and above Rs 3,655-crore domestic rights issue and a Rs 4,350 crore convertible preference share issue the company declared last month. The Tata group favoured Singapore because Tata Steel had become an established name in the investor fraternity in the country following the acquisition of Singapore-based NatSteel a few years ago.