Last checked at 2 May 2017 10:37
May 2, 2017
London Stock Exchange
London
Dear Madam, Sirs,
Sub: Sale of Speciality Steel UK Limited
This is to inform you that a wholly owned indirect subsidiary of the Company, viz, Speciality Steel UK Limited has divested its entire equity stake to Liberty House Group.
The details of divestment are as under:
SN. | Particulars | Details |
1. |
The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during last Financial Year
| FY17 numbers of the business sold: Turnover: GBP 210 million. Net assets: GBP 99.5 million. |
2. |
Date on which the agreement for sale has been entered into
| February 9, 2017 |
3. |
The expected date of completion of sale / disposal
| May 1, 2017 |
4. |
Consideration received from such sale / disposal
| Total consideration of GBP 100 million |
5. | Brief details of buyers and whether any of the buyers belong to the Promoters / Promoter Group/Group Companies. If yes, details thereof; |
The Liberty House Group is an international business specializing in metals trading and the manufacture and distribution of steel and advanced engineering products. It operates from four hubs in London, Dubai, Singapore and Hong Kong and has presence in more than 30 countries. The buyer does not belong to Tata Steel's promoter / promoter group / group company. |
6. |
Whether the transaction would fall within Related Party Transaction? If yes, whether the same is done at "arm's length"
| No this transaction would not fall within related party transaction. |
7. |
Additionally, in case of a slump sale, indicative disclosures provided for amalgamations/merger shall be disclosed by the listed entity with respect to such slump sale
| This is a share sale |
Please find attached the press release titled "Tata Steel completes sale of its Speciality Steels business to Liberty House Group".
This disclosure is being made in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
http://www.rns-pdf.londonstockexchange.com/rns/8836D_-2017-5-2.pdf
This is for your information and records.