REG - Tata Steel Limited - Acquisition of equity stake in IFQM

TATA SteelAnnouncement

01/04/2025 17:30

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RNS Number : 2268D  Tata Steel Limited  01 April 2025

 

April 1, 2025

 

London Stock Exchange

London

 

Dear Madam, Sir(s),

 

Sub:  Acquisition of equity stake in Indian Foundation for Quality Management

 

This is further to our disclosure dated June 25, 2024 on the abovementioned
subject.

 

This is to inform you that, Tata Steel Limited ('Company') has today i.e., on
April 1, 2025, acquired 1,24,90,000 equity shares of face value ₹10/- each
aggregating to ₹12.49 crore in Indian Foundation for Quality Management
('IFQM'). Post the acquisition, the Company's aggregate shareholding in IFQM
has increased from 9.09% to 16.66%.

 

The relevant details of the above-mentioned equity transaction are enclosed as
Annexure.

 

This disclosure is being made in compliance with Regulation 30 and Regulation
51 and other applicable provisions of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended.

 

This is for your information and records.

 

 

Encl.: As above.

 

 

 

Annexure

 

 SN   Particulars                                                                                                                   Details
 1.   Name of the target entity, details in brief such as size, turnover etc.                                                       Name of the Target: Indian Foundation for Quality Management ('IFQM')

                                                                                                                                    IFQM was incorporated on September 6, 2023 as a not-for-profit company under
                                                                                                                                    Section 8 of the Companies Act, 2013, having its registered office at TVR
                                                                                                                                    Pride, No. 383, 16th Main Road, 3(rd) Block Koramangala, Bangalore, Karnataka
                                                                                                                                    - 560034.

                                                                                                                                    IFQM did not commence its operations in the first year of incorporation and
                                                                                                                                    hence, did not generate any revenue from operations during the period. As on
                                                                                                                                    March 31, 2024, the Net worth of IFQM stood at ₹59.67 crore.
 2.   Whether the acquisition would fall within         related party                                                               Yes, the transaction is a related party transaction. IFQM is a private limited
      transaction(s) and whether the promoter/ promoter group/ group companies have                                                 company registered under Section 8 of the Companies Act, 2013. Mr. Natarajan
      any interest in             the entity being acquired? If yes,                                                                Chandrasekaran, Chairman of the Company is a Member of the Board of Directors
      nature of interest and details thereof and whether the same is done at "arm's                                                 of IFQM. Accordingly, IFQM is a related party to Tata Steel Limited.
      length"

                                                                                                                                    The transaction is carried out at arm's length and in the ordinary course of
                                                                                                                                    business.
 3.   Industry to   which   the   entity   being acquired belongs                                                                   IFQM was incorporated as a Section 8 company under the Companies Act, 2013,
                                                                                                                                    with an aim to empower and encourage the Indian organizations in diverse
                                                                                                                                    sectors to embrace and integrate quality values, principles, and practices in
                                                                                                                                    all aspects of management.
 4.   Objects and impact of acquisition (including but not limited to, disclosure
      of                                 reasons for

      acquisition of target entity, if  its business is outside the main line of                                                    To support the objective with which IFQM is set up.
      business of the listed entity)
 5.   Brief details of any governmental or regulatory approvals required for the                                                    Nil
                                                              acquisition
 6.   Indicative time period for completion of the acquisition                                                                      April 1, 2025
 7.   Consideration - whether cash        consideration or share swap or any                                                        Cash transaction
      other form and details of the same
 8.   Cost of acquisition and/or the price at which the shares are acquired                                                         The Company has acquired 1,24,90,000 equity shares of face value ₹10/- each
                                                                                                                                    aggregating to ₹12,49,00,000 in IFQM.
 9.   Percentage of shareholding/ control   acquired and/or number of shares                                                        As on March 31, 2025, the Company equity stake in IFQM was 9.09%.
      acquired

                                                                                                                                    Post the above acquisition of equity shares by the Company in IFQM, the
                                                                                                                                    Company's shareholding, in aggregate has increased from 9.09% to 16.66%.
 10.  Brief background about the entity acquired in terms of products/line of                                                       IFQM is a not-for-profit company, incorporated on September 6, 2023, under
      business acquired, date of incorporation, history of last 3 years turnover,                                                   Section 8 of the Companies Act, 2013, with the primary objective of being an
      country in which the acquired entity has presence and any other significant                                                   integrated empowered foundation which would be at the forefront of driving
      information (in brief)                                                                                                        positive change in the Indian industry.

                                                                                                                                    IFQM did not commence its operations in the first year of incorporation and
                                                                                                                                    hence, did not generate any revenue from operations during the period. As on
                                                                                                                                    March 31, 2024, the Net worth of IFQM stood at ₹59.67 crore.

                                                                                                                                    Country in which IFQM has presence: India

 

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