Tata Steel fixes Jan 19 as record date to allot shares to TCIL shareholders

Tata Steel has fixed January 19 as the record date to determine the shareholders of TCIL, for allocating the company's shares as per the scheme of amalgamation.

Tata Steel is in the process of merging several of its subsidiary companies, including Tinplate Company of India Limited (TCIL), into itself.

"The Board has approved Friday, January 19, 2024, as the record date for the purpose of determining the shareholders of TCIL who shall be entitled to receive fully paid-up ordinary equity shares of the company in the share exchange ratio as per the scheme of amalgamation," Tata Steel said in a BSE filing on Monday.

The company will issue and allot fully paid-up equity shares to those shareholders of TCIL, whose names would appear in the register of members on the record date, in ratio of 33 fully paid-up equity shares of Re 1 each for every 10 fully paid-up shares of Rs 10 each held by such members in TCIL, it said.

Tata Steel is among the top three steel-producing companies in India with a global presence.