REG - Tata Steel Limited - Acquisition of Rohit Ferro-Tech Limited

TATA SteelAnnouncement

12/04/2022 16:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220412:nRSL1709Ia&default-theme=true

RNS Number : 1709I  Tata Steel Limited  12 April 2022

April 12, 2022

 

London Stock Exchange

London

Dear Madam, Sirs,

 

Sub: Acquisition of Rohit Ferro-Tech Limited by Tata Steel Mining Limited, an unlisted

wholly-owned subsidiary of Tata Steel Limited

 

This is to inform you that, Tata Steel Mining Limited ('TSML'), an unlisted
wholly-owned subsidiary of Tata Steel Limited ('Company'), has successfully
completed the acquisition of controlling stake of 90% in Rohit Ferro-Tech
Limited ('RFT') in accordance with the approved Resolution Plan under the
Corporate Insolvency Resolution Process ('CIRP') of the Insolvency and
Bankruptcy Code 2016 ('IBC').

 

As per the terms of the Resolution Plan, TSML has funded ₹617.12 crore for
paying the admitted CIRP cost, employee dues, operational creditors and
financial creditors as per the provisions of the approved resolution plan.
Additionally, 10% of the equity shares of RFT has been issued to the financial
creditors of RFT towards part conversion of their loan.

 

The investment from TSML to RFT has been made through a combination of equity
of ₹10 crore and inter-corporate loan of ₹607.12 crore. The Company has
made equity investment in TSML for financing the acquisition.

 

Pursuant to the acquisition and in accordance with the approved plan, the
nominees of TSML have been appointed on the board of RFT effective April 11,
2022 and the existing directors of RFT ceased to be directors effective April
7, 2022.

 

This disclosure is being made in compliance with Regulation 30 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended.

 

This is for your information and records.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQEASLAFDNAEFA