27 July 2009
Corporate News

Trading starts in Tata Steel GDRs on London Stock Exchange

Tata Steel has raised $500 million via the largest ever Indian GDR offering in London.

The London Stock Exchange today welcomed Tata Steel Limited on to its Professional Securities Market (PSM).  On admission Tata Steel raised $500 million, the largest ever Indian Global Depository Receipt (GDR) offering in London, and one of the biggest new equity issues to be conducted by a company outside its home market on any global exchange in the last 12 months.

Commenting on the equity raising, Mr B Muthuraman, Managing Director of Tata Steel, said: 

'The equity raising exercise and the listing on the London Stock Exchange marks a significant milestone in the company's capital raising journey and demonstrates investors’ interest in the company's strategic direction.”

Xavier Rolet, Chief Executive, London Stock Exchange Group, said:

“As a globally ambitious Indian company, with significant operations in Europe, Tata Steel is a high profile addition to our markets.  Tata Steel’s listing demonstrates that London remains the market of choice for companies from across the globe seeking to access a truly global pool of international investment capital and benefit from trading on the International Order Book, the world’s most liquid trading platform for GDRs.”