Tata Metaliks allots 34.92 lakh shares to Tata Steel on conversion of warrants

Tata Steel now holds 60.03% stake in Tata Metaliks

Tata Metaliks announced that Tata Steel (Promoter) has on 24 September 2020 exercised its right to acquire 34,92,500 Equity Shares of Rs10 each pursuant to conversion of Warrants issued at a price of Rs 642 per Warrant, by subscribing to one equity share per Warrant of face value of Rs 10 each, aggregating to Rs 224,21,85,000/- (of which 25% was paid on application and balance amount of Rs 168,16,38,750/- paid on 25 September 2020, towards conversion of Warrants to Equity Shares).

Accordingly, the Board of Directors on 25 September 2020 approved allotment of 34,92,500 equity shares of face value of ₹10 each to Tata Steel on a preferential basis.

Pursuant to the allotment, the paid-up share capital of the Company stands increased from 2,80,85,000 Equity Shares to 3,15,77,500 Equity Shares of Rs 10 each and the percentage holding of Tata Steel stands increased from 55.06% to 60.03%.

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