REG - Tata Steel Limited - Indirect Subsidiary Sale- Black Ginger 461 Pty Ltd

TATA SteelAnnouncement

22/10/2018 07:00

RNS Number : 6785E
Tata Steel Limited
19 October 2018
 


October 19, 2018
 



London Stock Exchange
London
 







Dear Sirs/Madam,
 
Sub: Sale of Indirect Subsidiary, Black Ginger 461 Pty Ltd
 
This is to inform you that a wholly owned indirect subsidiary of the Company, viz, TS Global Minerals Holdings Pte Ltd, on October 18, 2018, entered into an agreement to divest its entire stake in its wholly owned step down subsidiary Black Ginger 461 Pty Ltd ("BG") which in turn holds 64% in Sedibeng Iron ore Pty Ltd, South Africa ("SeIO") which is the operating company. The stake has been divested to IMR Asia Holding Pte Ltd which is a group company of IMR Metallurgical Resources AG ('IMR"), a global metals and mining group headquartered in Switzerland, and a leading supplier of raw materials to the steel industry.
 
The details of divestments are as under:
 




Sr. No.


Particulars


Details





1


The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year


For FY 18
Revenue: ₹839.86 crore
% of Revenue contribution to consolidated TSL revenue: 0.63%
 
Net Worth: ₹157.27 crore
% of net worth contribution to consolidated TSL net worth: 0.26%




2


Date on which the agreement for sale has been entered into


October 18, 2018




3


The expected date of completion of sale/ disposal


About 12 months




4


Consideration received from such sale/ disposal


Consideration of ZAR  366 million which is subject to adjustment for working capital and closing cash.




5


Brief details of buyers and whether any of the buyers belong to promoter / promoter group / group companies. If yes, details thereof


IMR Asia Holding Pte Ltd
 
Buyer does not belong to promoter/ promoter group /group companies




6


Whether transaction would fall within related party transactions? If yes, whether the same is done at "arms length"


It is not a related party transaction




7


Additionally, in case of slump sale, indicative disclosures provided for amalgamation/ merger, shall be disclosed by the listed entity with respect to such slump sale


Not Applicable



 
This disclosure is made in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.
 
This is for your information and records.
 




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