New Delhi: Pig iron maker Tata Metaliks on Wednesday said it has alloted one crore shares of Rs 100 each to one of its promoters Tata Steel on preferential basis.

"An allotment of one crore, 8.5 percent non- cumulative redeemable preference shares of Rs 100 each aggregating Rs 100 crore has been made to Tata Steel on March 31, 2012 on preferential basis," Tata Metaliks said in a filing to BSE.

The shares would be redeemable after a period of three years from the date of allotment, it added.

Tata Steel had, as on March-end, 46.66 percent stake in Tata Metaliks, which began commercial production in 1994 to become country's largest pig iron manufacturer.

The company has two manufacturing facilities – Kharagpur in West Bengal and Redi in Maharashtra - with an annual capacity of 6.5 lakh tonnes.

Tata Metaliks' shares were trading at Rs 64.65 apiece, up 2.95 percent during the afternoon trade on the BSE.

(Agencies)

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