Last checked at 12 Apr 2022 16:42
April 12, 2022
London Stock Exchange
London
Dear Madam, Sirs,
Sub: Acquisition of Rohit Ferro-Tech Limited by Tata Steel Mining Limited, an unlistedwholly-owned subsidiary of Tata Steel Limited
This is to inform you that, Tata Steel Mining Limited ('TSML'), an unlisted wholly-owned subsidiary of Tata Steel Limited ('Company'), has successfully completed the acquisition of controlling stake of 90% in Rohit Ferro-Tech Limited ('RFT') in accordance with the approved Resolution Plan under the Corporate Insolvency Resolution Process ('CIRP') of the Insolvency and Bankruptcy Code 2016 ('IBC').
As per the terms of the Resolution Plan, TSML has funded ₹617.12 crore for paying the admitted CIRP cost, employee dues, operational creditors and financial creditors as per the provisions of the approved resolution plan. Additionally, 10% of the equity shares of RFT has been issued to the financial creditors of RFT towards part conversion of their loan.
The investment from TSML to RFT has been made through a combination of equity of ₹10 crore and inter-corporate loan of ₹607.12 crore. The Company has made equity investment in TSML for financing the acquisition.
Pursuant to the acquisition and in accordance with the approved plan, the nominees of TSML have been appointed on the board of RFT effective April 11, 2022 and the existing directors of RFT ceased to be directors effective April 7, 2022.
This disclosure is being made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.