REG - Tata Steel Limited - Scheme of Amalgamation amongst Tata Steel & ISWP

TATA SteelAnnouncement

27/08/2024 07:00

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RNS Number : 6728B  Tata Steel Limited  24 August 2024

 

 

 

August 24, 2024

 

London Stock Exchange

London

 

Dear Sir, Madam,

 

Re: Update in the matter of the Scheme of Amalgamation amongst Tata Steel
Limited and The Indian Steel & Wire Products Ltd and their respective
shareholders

 

This has reference to our earlier disclosures dated September 22, 2022,
December 22, 2023, January 25, 2024, May 24, 2024, August 6, 2024 and August
7, 2024, in connection with the Scheme of Amalgamation amongst Tata Steel
Limited ('Transferee Company'/'Tata Steel') and The Indian Steel & Wire
Products Ltd ('Transferor Company'/'ISWP') and their respective shareholders
('Scheme of Amalgamation'), as approved and sanctioned by the Hon'ble National
Company Law Tribunal ('Hon'ble NCLT'), Mumbai Bench vide its Order dated
August 6, 2024 and by the Hon'ble NCLT, Kolkata Bench vide its Order dated May
24, 2024, under the provisions of Sections 230 to 232 and other applicable
provisions, if any, of the Companies Act, 2013 read with the Rules framed
thereunder.

 

In terms of the Scheme of Amalgamation, Tata Steel will pay a cash
consideration of ₹426/- for every 1 fully paid-up ordinary equity share of
ISWP of face value ₹10/- each, to the eligible shareholders of ISWP (except
the Transferee Company), whose names appear in the Register of Members as on
the Record Date to be mutually fixed by the Board of Directors of the
Transferee Company as well as the Transferor Company.

 

For aforesaid purpose, in accordance with the terms of the Scheme of
Amalgamation, Friday,

September 6, 2024, has been fixed as the Record Date to determine the eligible
shareholders of ISWP, who will receive the cash compensation as per the terms
of the Scheme of Amalgamation.

 

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

 

This is for your information and records.

 

 

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