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The Tata Steel board has approved the allotment of 7.58 crore shares to eligible shareholders of Tata Steel Long Products Limited.
These equity shares are proposed to be listed and traded on BSE Limited and the National Stock Exchange (NSE), Tata Steel said in a regulatory filing on Wednesday.
Tata Steel's board has approved the allotment of 7,58,00,309 shares to eligible shareholders of Tata Steel Long Products and the record date has been fixed as November 17.
According to the filing, the share exchange ratio will be 67:10, which means that 67 shares of Tata Steel will be allotted for every 10 shares of Tata Steel Long Products.
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The scheme of amalgamation was approved and sanctioned by the NCLT-Mumbai Bench vide order dated October 20, 2023, and the NCLT-Cuttack vide order dated October 18, 2023.
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These equity shares so allotted shall rank pari-passu with the existing shares of Tata Steel.
The above allotment, Tata Steel said, includes "14,430 fully paid-up equity shares of Tata Steel of face value Re 1 each, allotted to TSL-TSLP Fractional Share Entitlement Trust...(and) 25,47,224 fully paid-up equity shares allotted to Tata Steel Limited - Unclaimed Securities - Suspense Escrow Demat Account TSL-TSLP Merger...," it said.
Tata Steel is in the process of merging a few of its subsidiaries with itself.
These include Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
