REG - Tata Steel Limited - Tata Steel Outcome & Other Announcements

TATA SteelAnnouncement

31/07/2024 16:00

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RNS Number : 6481Y  Tata Steel Limited  31 July 2024

 

 

July 31, 2024

 

London Stock Exchange

London

 

Dear Madam, Sirs,

 

Sub: Outcome of Board meeting of Tata Steel Limited

 

 

The Board of Directors ('Board') of Tata Steel Limited ('Company') at its
meeting held today, i.e., Wednesday, July 31, 2024, inter alia, transacted the
following business:

 

1.   Financial Results

 

Approved the Audited Standalone and Unaudited Consolidated Financial Results
of the Company for the quarter ended June 30, 2024.

 

The financial information as required to be provided in terms of Regulation 52
of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') forms
part of the Financial Results.

 

A copy of the said Results together with the Auditors' Report thereon for the
quarter ended June 30, 2024, is enclosed herewith.

 

2.   Approval of the Scheme of Amalgamation amongst Rujuvalika Investments
Limited and Tata Steel Limited and their respective shareholders:

 

Considered and approved the Scheme of Amalgamation amongst Rujuvalika
Investments Limited, a wholly owned subsidiary of the Company (Transferor
Company), and Tata Steel Limited (Transferee Company) and their respective
shareholders ('Scheme'). The Scheme will be implemented in terms of Section(s)
230 to 232 of the Companies Act, 2013 read with the rules made thereunder,
Section 2(1B) of the Income-tax Act, 1961 and other applicable laws, as
amended from time to time. The Scheme is subject to the receipt of necessary
approvals, permissions and sanctions of regulatory and other statutory or
governmental authorities / quasi-judicial authorities, as may be necessary, as
per applicable laws. Pursuant to Regulation 30 of SEBI Listing Regulations,
details in respect of the Scheme are enclosed herewith as Annexure-1.

 

3.   Acquisition of 26% equity stake in TP Parivart Ltd

 

Considered and approved to infuse in one or more tranches, an amount up to
₹35 crore and execute a Share Purchase & Shareholders' Agreement
('SPSA') with Tata Power Renewable Energy Ltd. ('TPREL') and its wholly owned
subsidiary TP Parivart Ltd ('TPPL'), to acquire and hold 26% equity stake in
TPPL.

 

Pursuant to the approval of the Board, the Company has today executed the SPSA
with TPREL pursuant to which the Company is for acquiring 13,000 equity shares
(26% equity stake) aggregating to ₹1,30,000.

 

In terms of the Regulation 30 of the SEBI Listing Regulations, details of the
said acquisition are enclosed herewith as Annexure-2.

 

4.   Infusion of funds for subscription to equity shares of Neelachal Ispat
Nigam Limited

 

Considered and approved the proposal to infuse funds, in one or more tranches,
up to ₹6,000 crore, by way of subscription to equity shares of Neelachal
Ispat Nigam Limited ('NINL'), subsidiary of the Company, during FY 2024-25.

 

Pursuant to Regulation 30 of the SEBI Listing Regulations, details in respect
of the proposed fund infusion are enclosed herewith as Annexure-3.

 

5.   Fixing of Record date for payment of cash consideration to eligible
equity shareholders of Angul Energy Limited pursuant to the approved and
sanctioned Scheme of Amalgamation amongst Tata Steel Limited and Angul Energy
Limited and their respective shareholders

 

In terms of the Scheme of Amalgamation amongst Tata Steel Limited ('Tata
Steel') i.e. Transferee Company and Angul Energy Limited ('AEL') i.e.
Transferor Company and their respective shareholders ('AEL Scheme'), as
approved and sanctioned by the Hon'ble National Company Law Tribunal ('Hon'ble
NCLT'), Mumbai Bench vide its Order dated July 3, 2024 and by the Hon'ble
NCLT, Delhi Bench vide its Order dated April 18, 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, Tata Steel Limited will pay a
cash consideration of ₹1,045/- each, for every 1 fully paid-up ordinary
equity share of AEL of face value ₹10/- each, to those shareholders of AEL
(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 AEL.

 

For aforesaid purpose, in accordance with the terms of the AEL Scheme, Friday,
August 9, 2024, has been fixed as the Record Date to determine the eligible
shareholders of AEL who will receive the cash compensation as per the terms of
the AEL Scheme.

 

The Board meeting commenced at 2:00 p.m. (IST) and concluded at 6:00 p.m.
(IST)

 

Further, please find enclosed herewith the Press Release, Investor
Presentation to be made to Analysts/ Investors and update on material
litigation of Tata Steel Limited.

 

The above disclosures are available on the website of the Company at
www.tatasteel.com (http://www.tatasteel.com)

 

These disclosures are being made pursuant to Regulation 30, 52, Schedule III
and other applicable provisions of the SEBI Listing Regulations.

 

This is for your information and records.

 

 

 http://www.rns-pdf.londonstockexchange.com/rns/6481Y_1-2024-7-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6481Y_1-2024-7-31.pdf)

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