T S Global Minerals Holding Pte Ltd has on Monday concluded the divestment of its entire stake in Black Ginger.
Tata Steel Ltd rallied nearly 5 percent to touch its upper circuit at Rs 28.20 on Tuesday after the domestic giant said it has divested the entire stake in indirect subsidiary Black Ginger 461 Pty Ltd (Black Ginger) to a Switzerland-based metals and mining group.
"T S Global Minerals Holding Pte Ltd has Monday concluded the divestment of its entire stake in Black Ginger," Tata Steel said in a regulatory filing to the BSE.
Black Ginger has stake in an iron ore mine in South Africa. TS Global Minerals Holding Pte Ltd, an indirect wholly owned subsidiary of Tata Steel, had entered into a pact with IMR Asia Holding Pte Ltd to divest its entire stake in Black Ginger.
The company on October 18 last year announced that T S Global Minerals Holdings Pte Ltd had entered into an agreement with IMR Asia Holding Pte Ltd to divest its entire stake in Black Ginger (100 percent).
Black Ginger, in turn, holds a 64 percent stake in Sedibeng Iron Ore Pty Ltd, South Africa, which is the operating company, the filing said.
However, it did not disclose financial consideration and other details. Earlier, in a filing to the London Stock Exchange, Tata Steel had said that it would sell the majority stake to IMR Metallurgical Resources for 366 million South African Rand.
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