Last checked at 3 May 2022 16:40
May 3, 2022
London Stock Exchange
London
Dear Madam, Sirs,
Sub: Outcome of Board meeting
This is with reference to our intimation dated April 17, 2022.
The Board of Directors ('Board') of Tata Steel Limited ('Company') at its meeting held today, i.e., May 3, 2022, inter alia, transacted the following business:
1. Financial Results
a.) Approved the Audited Standalone and Unaudited Consolidated Financial Results of the Company for the quarter ended March 31, 2022.
b.) Approved the Audited Standalone and Consolidated Financial Results of the Company for the financial year ended March 31, 2022.
Price Waterhouse & Co. Chartered Accountants LLP, the Statutory Auditors of the Company have issued auditors' reports with an unmodified opinion on the Financial Results of the Company for the Financial Year ended March 31, 2022.
2. Dividend and 115th Annual General Meeting
Recommended a dividend of ₹51 per fully paid-up Ordinary Share of ₹10/- each (510%) to the shareholders of the Company for the Financial Year ended March 31, 2022. Further, in respect of the outstanding partly paid-up Ordinary Shares of the Company on which call money remains unpaid as on the date of book closure for the dividend payment, the dividend will be paid in proportion to the amount paid-up on such shares, i.e., ₹12.75 per partlypaid-up Ordinary Share of ₹10/- each (paid-up ₹2.504 per share) (510%).
The dividend recommended by the Board of Directors of the Company is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company scheduled to be held on Tuesday, June 28, 2022.
The dividend, if approved by the shareholders at the AGM, will be paid, subject to deduction of tax at source, on and from June 30, 2022.
3. Book Closure
Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, approved the closure of the Register of Members and Share Transfer Books of the Company from Friday, June 17, 2022 to Tuesday, June 28, 2022 (both days inclusive) for taking record of the Members of the Company for the purpose of payment of dividend and the AGM for the financial year ended March 31, 2022.
4. Sub-division of equity shares of the Company
The Board considered the proposal for sub-division of 1 equity share of the Company having face value of ₹10/- each into 10 (Ten) equity shares having face value of ₹1/- each, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company.
Further, the Board recommended consequential amendments in the Capital Clause of the Memorandum of Association of the Company and Articles of Association of the Company, subject to approval of the Shareholders of the Company. The record date for the sub-division of equity shares shall be decided by the Board and will be intimated to the exchanges.
The detailed disclosure as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 read with SEBI Circular No. CIR/CFD/CMD/ 4/2015 dated September 9, 2015 is enclosed herewith as Annexure 1.
5. Appointment of Statutory Auditors of the Company
The Board, based on the recommendation of the Audit Committee, has re-appointedPrice Waterhouse & Co Chartered Accountants LLP (Registration No.- 304026E/E300009), Chartered Accountants, as the statutory auditors of the Company for a second term of five years to hold office from the conclusion of the 115th AGM to be held on June 28, 2022 through the conclusion of the 120th AGM of the Company to be held in the year 2027, subject to approval of shareholders of the Company.
The Board meeting commenced at 3.30 p.m. (IST) and concluded at 7.10 p.m. (IST).
A copy of the said results together with the Auditors' Report for quarter and financial year ended March 31, 2022, are enclosed herewith.
Further, a copy of the press release titled "Tata Steel reports highest ever consolidated EBITDA at Rs 63,830 crores; Net debt to EBITDA improves to 0.8x" and Investor Presentation is also enclosed herewith.
These are also being made available on the website of the Company at www.tatasteel.com
This is for your information and records.