Last checked at 4 Jul 2022 13:12
July 4, 2022
London Stock Exchange
London
Dear Sir, Madam,
Sub: Acquisition of stake in Neelachal Ispat Nigam Limited through Tata Steel Long Products Limited, subsidiary of the Company
This has reference to our disclosures dated January 31, 2022, February 9, 2022 andMarch 10, 2022.
This is to inform you that, Tata Steel Limited through its listed subsidiary Tata Steel Long Products Limited ('TSLP') has today, i.e. July 4, 2022 completed the acquisition of stake in Neelachal Ispat Nigam Limited ('NINL'). The transaction has been completed for an aggregate consideration of ₹12,100 crore as per the terms and conditions of the Share Sale and Purchase Agreement entered into by the Company in accordance with the process which was carried out by Department of Investment and Public Asset Management (DIPAM). As part of the acquisition, the following have been completed:
1. Subscription of 48,43,75,000 equity shares of face of ₹10/- each aggregating to ₹3,100 crore by TSLP;
2. Subscription of 0.01%, 45,60,54,252 Non-Convertible Redeemable Preference Shares of face value of ₹100/- each aggregating to approx. ₹4,560.54 crore by TSLP.
3. Purchase of 69,40,29,741 equity shares by TSLP from MMTC Ltd, NMDC Ltd, MECON Ltd, Bharat Heavy Electricals Ltd, Industrial Promotion and Investment Corporation of Odisha Ltd, and Odisha Mining Corporation Ltd for the balance consideration.
Consequently, NINL has become a subsidiary of TSLP and an indirect subsidiary of Tata Steel Limited.
Further, a press release titled "Tata Steel Limited completes acquisition of Neelachal Ispat Nigam Limited through its step-Down Subsidiary, Tata Steel Long Products Limited" is enclosed herewith.
This disclosure is made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.
http://www.rns-pdf.londonstockexchange.com/rns/2335R_1-2022-7-4.pdf