Outcome of Board Meeting

Tata Steel Limited

01 November 2023

 

                                                                                                November 1, 2023

London Stock Exchange 

London 

Dear Sir, Madam,

Re: Outcome of Board Meeting of Tata Steel Limited

The Board of Directors of Tata Steel Limited ('Company') at its meeting held today i.e., Wednesday, November 1, 2023, inter alia, transacted the following business:

(a)  Financial Results: Approved the Audited Standalone and Unaudited Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2023.

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 LODR') forms part of the Financial Results.

A copy of the said Results together with the Auditors' Report for the quarter and half year ended September 30, 2023, are enclosed herewith as Annexure - 1.

http://www.rns-pdf.londonstockexchange.com/rns/0899S_1-2023-11-1.pdf

(b)  Issuance of shares in terms of the sanctioned Scheme of Amalgamation:

In terms of the Scheme of Amalgamation amongst Tata Steel Long Products Limited ('TSLP') and Tata Steel Limited and their respective shareholders as approved and sanctioned by the Hon'ble National Company Law Tribunal, Cuttack bench vide Order dated October 18, 2023 and the Hon'ble National Company Law Tribunal, Mumbai bench vide Order dated October 20, 2023, the Board of Directors of the Company, have, today approved the issuance of up to 7,58,00,310 fully paid-up equity shares of ₹1/-  each, in the ratio of 67 fully paid-up equity shares of Tata Steel Limited of face value ₹1/- each for every 10 fully paid-up equity shares of Tata Steel Long Products Limited ('TSLP') of face value ₹10/- each, to the eligible shareholders of TSLP as on the Record Date to be fixed mutually by the Board of Directors of the Company as well as the Board of Directors of TSLP.

(c)  Approval of Scheme of Amalgamation of Bhubaneshwar Power Private Limited, wholly owned subsidiary, into and with its parent company, Tata Steel Limited:

Considered and approved the Scheme of Amalgamation of Bhubaneshwar Power Private Limited, a wholly owned subsidiary of the Company, into and with its parent company, Tata Steel Limited ('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) and other applicable provisions 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 LODR, details in respect of the Scheme of Amalgamation are enclosed herewith as Annexure - 2.

Also find attached the press release and investor’s presentation.

The above announcements are also being made available on the website of the Company at

www.tatasteel.com

This disclosure is made in compliance with Regulation 30 read with Regulation 51 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. 

This is for your information and records.

 

END