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Business News/ Markets / Stock Markets/  Tata Steel announces Jan 19 as record date to allot shares to TCIL shareholders under scheme of amalgamation
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Tata Steel announces Jan 19 as record date to allot shares to TCIL shareholders under scheme of amalgamation

Tata Steel announces date to allot shares to TCIL shareholders

Tata Steel. Photographer: Chris Ratcliffe/BloombergPremium
Tata Steel. Photographer: Chris Ratcliffe/Bloomberg

Tata Steel, on January 8, announced that it has fixed January 19 as the record date to determine shareholders of TCIL who will receive the company's shares in accordance with the amalgamation scheme.

Tata Steel is currently undergoing a consolidation process, incorporating multiple subsidiary entities, such as Tinplate Company of India Limited (TCIL), into its organizational structure.

Also read: Q3 Result: India Inc. may deliver moderate profit, negative surprises unlikely; here's what experts say

"The Board has approved Friday, January 19, 2024, as the record date for the purpose of determining the shareholders of TCIL who shall be entitled to receive fully paid-up ordinary equity shares of the company in the share exchange ratio as per the scheme of amalgamation," the company said in a regulatory filing on Monday.

The company intends to issue and allocate fully paid-up equity shares to TCIL shareholders whose names are listed in the register of members on the record date. This allocation will be in the proportion of 33 fully paid-up equity shares with a face value of Re 1 each for every 10 fully paid-up shares with a face value of 10 each held by those members in TCIL.

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“ The Board of Directors of the Company, have approved the issuance of 8,64,92,993 fully paid-up ordinary equity shares of 1/- each, in the ratio of 33 fully paid-up ordinary equity shares of Tata Steel Limited of face value 1/- each for every 10 fully paid-up ordinary equity shares of TCIL of face value 10/- each, to the eligible shareholders of TCIL as on the Record Date as mentioned above," the company added.

On January 5, Tata Steel announced its third quarterly results for FY24. It reported a quarterly increase of 6 percent in crude steel production at its India unit, standing at 5.32 million tonnes. This growth is observed both quarter-on-quarter (QoQ) and year-on-year (YoY).

Also read: Tata Steel Q3 update: Crude steel production stood at 5.32 million tons, up 6%

Additionally, for the first nine months of fiscal year 2024, Tata Steel noted a YoY rise of 4 percent in its overall crude steel production.

Additionally, Tata Steel attained the prestigious "GreenPro Ecolabel" certification for its automotive flat steel products.

Shares of Tata Steel were down 1.01% on Monday, closed at 132.30 per share against previous close at 133.65 on Friday.

 

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Published: 08 Jan 2024, 03:15 PM IST
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