Tata Steel announced on Sunday, January 21, that the company's board has approved the allotment of 8.65 crore shares to the eligible shareholders of Tinplate Company of India till the record date of January 19. This approval is part of the merger of Tata Steel and Tinplate Company of India on January 15.
In a regulatory filing,
Tata Steel said that eligible shareholders of Tinplate Company of India will receive fully paid-up equity shares of Tata Steel in a share exchange ratio of 33:10.
This means that 33 fully paid-up ordinary equity shares of Tata Steel of ₹1 face value will be allotted for every 10 fully paid-up equity shares of TCIL of ₹10 face value.
In September last year, the board of Tata Steel approved the amalgamation of its seven subsidiaries—Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Limited, Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining—into itself.
Tata Steel share price settled at ₹133.90 on NSE on Saturday, Januray 20.
(Edited by : Ajay Vaishnav)
