Tata Steel to raise up to $769.5 mln in share sale

Tata Steel, the world's seventh largest steel maker, could raise as much as 34.77 billion rupees ($769.5 million) in its follow-on public share sale.

Tata Steel, the world's seventh largest steel maker, could raise as much as 34.77 billion rupees ($769.5 million) in its follow-on public share sale.

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The company, which the market values at $12.43 billion, has fixed a price band of 594 rupees to 610 rupees ($13-$13.5) for the share sale, the company said in a statement.

The price band represents a discount of 1.9% to 4.5% to the stock's closing price of 621.70 rupees on Friday.

The issue for 57 million shares will open on January 19 and close on January 21. The anchor book will open and close on January 18.

The company said that it would use 18.75 billion rupees ($413 million) of the money to be raised to fund expansion at its Jamshedpur plant in eastern India.

Part the share sale money will also be used to repay debt of 10.9 billion rupees, Tata Steel said.