Tata Steel in $2.3 Billion Rights Offering

January 18, 2008

Cleary Gottlieb represented Tata Steel Limited in its $2.3 billion rights offering of equity shares and cumulative convertible preference shares. The rights offering was made to existing shareholders of Tata Steel outside the United States under Regulation S. Tata Sons Limited, the largest shareholder of Tata Steel, agreed to buy all unpurchased securities. The offering closed on January 18.

Tata Steel Limited is the world’s sixth largest steel company with a presence in nearly 50 countries. In 2007, it made a $12 billion acquisition of European steelmaker Corus Group plc.