₹10,000-cr NCD issue: Tata Steel gets nod

MUMBAI, AUGUST 9:  

Tata Steel plans to issue ₹10,000 crore through issue of non-convertible debentures on private placement basis. The resolution was passed by the shareholders of the company at its 110th annual general meeting on Tuesday. The total institutional holding, including by mutual funds, was at 43.64 crore. Of this, voting was exercised for 32.33 crore only, which accounts for 74 per cent of total holding. About 31.21 lakh shareholders voted against the proposal.

Capital market regulator SEBI has been insisting that mutual funds should actively participate in corporate decisions that are put on vote. The company also received nod for the appointment of Deepak Kapoor, former chairman and CEO of PwC India, as independent director.