The 7 companies to be merged are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF Limited, the Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.
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Tata Steel’s board has approved the scheme of amalgamation between seven of its group companies and itself, as per the company’s exchange filing. These are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF Limited, the Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.
The scheme of amalgamation was reviewed and recommended to the board by the committee of independent directors and the audit committee. The resources of the merged entity have been pooled to unlock the opportunity for creating shareholders’ value, said Tata Steel’s press release. The share exchange ratio has been decided individually for the seven companies, as per the filing.
(This is a developing story. Check back for updates)
Nickey Mirchandani Assistant Editor at Moneycontrol covering Materials and Industrials space which includes Metals, Cement and Infrastructure sector. She’s a presenter and a stock market enthusiast with over 12 years of experience who loves reading between the lines and scanning through numbers. Before joining Moneycontrol, she was an Associate Research Head at Bloomberg Quint/ BQ Prime, where she wrote analytical pieces, anchored multiple interviews and a show called “ Market Wrap”.
