Tata Steel BSL Limited (BSE:500055) announced a private private placement for maximum aggregate gross proceeds of INR 240,000,000,000 from Tata Steel Limited (BSE:500470) on January 9, 2019. The company will issue non-convertible redeemable preference shares for maximum gross proceeds of INR 120,000,000,000 and Non-cumulative optionally convertible redeemable preference shares for maximum gross proceeds of INR 120,000,000,000 in the transaction. The transaction has been approved by the board of directors of the company and subject to shareholders approval.