Mumbai, July 20:Tata Steel, the world’s sixth-largest steel maker, on Monday was set to launch the sale of global depositary receipts worth $400 million, three sources with direct knowledge of the deal said.
“We hope to formally launch the issue in a while,” a person involved in the deal said, declining to be named.
Citigroup and JPMorgan are the arrangers for the deal, the sources said.
Earlier this month, people familiar with the matter said Tata Steel was looking to raise as much as $600 million through a GDR offering.
—-Agencies