Tata Steel: The Tata Group’s board of directors has given its approval for all of its metal businesses to be merged into Tata Steel as per the company’s exchange filing. These seven companies are Tata Steel Long Products, Tata Metaliks, the Indian Steel & Wire Products, The Tinplate Company of India, Tata Steel Mining, TRF Limited, and S&T Mining Company.
The merger of the business’s seven metal subsidiaries with its main metal company, Tata Steel Limited, was approved by the company board during its meeting on Thursday.
Tata Steel in its regulatory filing has said, “In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) issued by the Securities and Exchange Board of India (“SEBI”) read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, we wish to inform you that the Board of Directors of the Company (“Board”) at its meeting held today i.e. September 22, 2022, inter alia, considered and approved the following Seven (7) Schemes of Amalgamation of:”
1. Tata Steel Long Products Limited (‘TSLP-Transferor Company’) into and with its parent company, Tata Steel Limited (‘Transferee Company).
2. The Tinplate Company of India Limited (‘TCIL-Transferor Company’) into and with its parent company, Tata Steel Limited (‘Transferee Company).
3. Tata Metaliks Limited (‘TML-Transferor Company’) into and with its parent company, Tata Steel Limited (‘Transferee Company).
4. TRF Limited (‘TRF-Transferor Company’) into and with Tata Steel Limited (‘Transferee Company).
5. The Indian Steel & Wire Products Limited (‘ISWP-Transferor Company’) into and with its parent company, Tata Steel Limited (‘Transferee Company).
6. Tata Steel Mining Limited (‘TSML-Transferor Company’) into and with its parent company, Tata Steel Limited (‘Transferee Company’); and
7. S & T Mining Company Limited (S & T Mining-Transferor Company’) into and with its parent company, Tata Steel Limited (‘Transferee Company).
The audit committee and the committee of independent directors both looked into the amalgamation plan and made recommendations to the board. According to a press statement from Tata Steel, the combined entity’s resources have been pooled to maximize the potential for increasing shareholder value.
Each merger plan will now proceed via a clear regulatory approval procedure, which includes approval from stock exchanges and the NCLT.
