Last checked at 9 May 2019 10:58
May 9, 2019
London Stock Exchange London
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Dear Madam, Sirs,
Sub: Divestment of partial stake in Al Rimal Mining LLC, Oman, an indirect subsidiary of Tata Steel Limited
This is to inform you that definitive agreements have been signed to induct 'Oman National Investments Development Company' ('TANMIA') as a shareholder in Al Rimal Mining LLC, a Company which was incorporated with the objective of limestone mining in Oman.
As a result, the indirect equity stake of Tata Steel Limited in Al Rimal Mining LLC will reduce from 70% to 51%. The other existing shareholders of Al Rimal Mining LLC will also sell their partial equity stake of 11% to TANMIA, leading to resultant shareholding of 30% for TANMIA in Al Rimal Mining LLC.
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 | Tata Steel Limited through its wholly owned indirect subsidiary, Tata Steel Global Minerals Holdings Pte Ltd ('TSGMH') held 70% equity stake in Al Rimal Mining LLC, Oman.
Al Rimal Mining LLC was formed with the objective of limestone mining in Oman and has not yet commenced operations. As onMarch 31, 2018, the networth of the company was ~OMR 364,000 (i.e. ~Rs. 6.60 crore). |
2 | Date on which the agreement for sale has been entered into | May 9, 2019 |
3 | The expected date of completion of sale / disposal | Between August, 2019 to September, 2019, subject to completion of conditions precedent to closing of the transaction. |
4 | Consideration received from such sale / disposal | OMR 1 per share i.e. OMR 190,000 for sale of 19% stake (i.e. ~Rs. 3.50 crore). |
5 | Brief details of buyers and whether any of the buyers belong to the Promoter / Promoter Group/ Group Companies. If yes, details thereof; | The buyer is Oman National Investments Development Company ('TANMIA'), which is a closely held joint stock company incorporated under the laws of Oman. Further, the buyer does not belong to the Promoter/Promoter Group/Group Companies. |
6 | Whether the transaction would fall within Related Party Transaction? If yes, whether the same is done at "arms-length" | The transaction is not a 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. | Not applicable |
This disclosure is being made in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.