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| Tata Steel divests its holding in Riversdale Mining to raise A$ 1,060 million | |
| Tata Steel divests its holding in Riversdale Mining to raise A$ 1,060 million The board of Tata Steel has considered the recent announcement of Rio Tinto Jersey Holdings 2010 to de-list Riversdale Mining following its increased shareholding to 73.20% in Riversdale Mining. Tata Steel has decided that it would not want to hold its equity investment in Riversdale Mining which is proposed to be delisted, without any joint venture agreement with the majority shareholder in unlisted Riversdale Mining. In view of the above, the board of Tata Steel has decided to divest its entire 26.27% stake in Riversdale Mining to Rio Tinto in its current takeover offer for Riverdale Mining, following which the company has initiated steps to undertake the transaction. The sale consideration of approximately A$ 1,060 million represents around 100% appreciation of value in less than four years since the first investment. The investment is currently held by Tata Steel Global Minerals Holding, an indirect wholly owned subsidiary of Tata Steel. |
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