REG - Tata Steel Limited - Acquisition

TATA SteelAnnouncement

04/07/2022 13:15

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RNS Number : 2335R  Tata Steel Limited  04 July 2022

July 4, 2022

 

London Stock Exchange

London

 

Dear Sir, Madam,

 

Sub:  Acquisition of stake in Neelachal Ispat Nigam Limited through Tata
Steel Long Products Limited, subsidiary of the Company

 

This has reference to our disclosures dated January 31, 2022, February 9, 2022
and

March 10, 2022.

 

This is to inform you that, Tata Steel Limited through its listed subsidiary
Tata Steel Long Products Limited ('TSLP') has today, i.e. July 4, 2022
completed the acquisition of stake in Neelachal Ispat Nigam Limited ('NINL').
The transaction has been completed for an aggregate consideration of ₹12,100
crore  as per the terms and conditions of the Share Sale and Purchase
Agreement entered into by the Company in accordance with the process which was
carried out by Department of Investment and Public Asset Management (DIPAM).
As part of the acquisition, the following have been completed:

 

1.   Subscription of 48,43,75,000 equity shares of face of ₹10/- each
aggregating to ₹3,100 crore by TSLP;

 

2.   Subscription of 0.01%, 45,60,54,252 Non-Convertible Redeemable
Preference Shares of face value of ₹100/- each aggregating to approx.
₹4,560.54 crore by TSLP.

 

3.   Purchase of 69,40,29,741 equity shares by TSLP from MMTC Ltd, NMDC Ltd,
MECON Ltd, Bharat Heavy Electricals Ltd, Industrial Promotion and Investment
Corporation of Odisha Ltd, and Odisha Mining Corporation Ltd for the balance
consideration.

 

Consequently, NINL has become a subsidiary of TSLP and an indirect subsidiary
of Tata Steel Limited.

 

Further, a press release titled "Tata Steel Limited completes acquisition of
Neelachal Ispat Nigam Limited through its step-Down Subsidiary, Tata Steel
Long Products Limited" is enclosed herewith.

 

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

 

This is for your information and records.

 

http://www.rns-pdf.londonstockexchange.com/rns/2335R_1-2022-7-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2335R_1-2022-7-4.pdf)

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