REG - Tata Steel Limited - Sale of shares in NatSteel Holdings Pte. Ltd.

TATA SteelAnnouncement

30/09/2021 11:05

RNS Number : 5586N
  
Tata Steel Limited
  
30 September 2021
  
 

September 30, 2021
 
London Stock Exchange
London
 
Dear Madam, Sirs,
 
Sub: Sale of shares in NatSteel Holdings Pte. Ltd. (NSH) 
 
This is to inform you that T S Global Holdings Pte. Ltd. (TSGH), an indirect wholly owned subsidiary of Tata Steel Limited, has executed definitive agreements with Toptip Holding Pte Ltd. to divest its entire equity stake held in NatSteel Holdings Pte. Ltd. (NSH). The sale process of NSH shares has been completed and TSGH has received the consideration for sale of shares.
 
The wires business in Thailand (Siam Industrial Wires) (SIW) is owned by NSH and the same is not part of the transaction perimeter. SIW has been carved out of NSH and has been consolidated with TSGH.  
 
Further, the Press Release titled "Tata Steel divests its entire stake in NatSteel Holdings Pte. Ltd. Singapore for an equity value of USD 172 million" is enclosed as Annexure.
 
The details of transfers are as under:
 




SN.


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


 
Revenue of NSH for FY 2021: SGD 523 mn

(Rs 2,852 Crore)
 
Net Worth as of Mar 2021: SGD -5.8 mn

(Rs -32 Crore)
 
The Revenue and Net worth of SIW has not been included in the above
 




2


Date on which the agreement for sale has been entered


September 30, 2021




3


The expected date of completion of sale / disposal


 
The transaction has been completed on September 30, 2021
 




4


Consideration received from such sale / disposal


 
SGD 233.2 Mn (~Rs. 1,275 crore) subject to post-closing adjustment for sale of 100% stake in NSH, except for wires business (SIW).
 




5


Brief details of buyers and whether any of the buyers belong to the Promoter / Promoter Group/ Group Companies.

If yes, details thereof;


 
Toptip is a Singapore-based company engaged in the trading of iron ore and steel and steel products. Established in 2008, Toptip is a member of Singapore's GTP programme with an annual turnover of over US$1 billion and has strong relations with Chinese steel mills.
 
Buyer does not belong to the Promoter / Promoter Group/ Group Companies of Tata Steel Limited.
 




6


Whether the transaction would fall within Related Party Transaction? If yes, whether the same is done at "arms-length"


No




7


 
Additionally, in case of a slump sale, indicative disclosures provided for amalgamations / merger, shall be disclosed by the listed entity with respect to such slump sale.
 
For the purpose of this sub-clause, "slump sale" shall mean the transfer of one or more undertakings, as a result of the sale for a lump sum consideration, without values being assigned to the individual assets and liabilities in such sales.


Not Applicable




 
 
 
 
This disclosure is being made in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
 
This is for your information and records.
 
http://www.rns-pdf.londonstockexchange.com/rns/5586N_1-2021-9-30.pdf

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