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Tata Steel BSL raising 240B rupees from Tata Steel

The board of Tata Steel BSL Ltd., previously known as Bhushan Steel Ltd., approved a proposal to raise up to 240 billion Indian rupees through a private placement of preference shares to Tata Steel Ltd., the company said in a Jan. 9 exchange filing.

Terms and conditions, including the price and timing, will be determined by an authorized board committee.

Tata Steel BSL was formed after Tata Steel unit Bamnipal Steel Ltd. acquired last year a 72.65% stake in Bhushan Steel for 1.59 billion rupees.

As of Jan. 8, US$1 was equivalent to 70.15 Indian rupees.