Tata Steel's up to $800 million share sale starts Jan 19: Sources

MUMBAI: Tata Steel, the world's seventh largest steel maker, will launch its up to $800 million public share sale on January 19, two sources with direct knowledge of the matter said on Wednesday.

The follow-on share offering, which has regulatory approval, will end on January 21, the sources told Reuters. They sources declined to be identified because details of the deal were not public yet.

Officials at Tata Steel could not immediately be reached for a comment.

Sources said on Tuesday Tata Steel would launch an up to $800 million share offer by the end of this month, after the company said it would issue 57 million new shares in a public offer but did not give details.

The proceeds of the issue are expected to be partially used to reduce the company's debt, which is currently around $10 billion.