Tata Steel said on Tuesday its board will meet on April 17 to discuss plans for funding the $12 billion acquisition of Anglo-Dutch firm Corus Group Plc.
The board would consider proposals to finance investment in the special purpose vehicle floated for acquiring Corus, the company said in a filing to the Bombay Stock Exchange.
Tata Steel had outbid Brazil's CSN to acquire Corus at a price of 608 pence a share after a nine-round auction in January, making it the world's fifth-largest
steel firm.
The Indian company has already spent close to $2.5 billion for acquiring about 21 per cent stake in Corus through open market transactions.
Tata Steel UK Plc, a subsidiary of the Indian firm, had said last week the consideration money and applicable loan note certificates for the takeover would be dispatched to Corus shareholders on April 11.
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