Last checked at 31 May 2019 16:00
May 31, 2019
London Stock Exchange
London
Dear Madam, Sir,
Sub: Approval of Resolution Plan submitted by Tata Steel Limited for Acquisition of Bhushan Energy Limited by National Company Law Tribunal, New Delhi
We hereby wish to inform you that National Company Law Tribunal (Principal Bench, New Delhi) ('NCLT'), vide its order dated May 30, 2019, has approved the resolution plan submitted by Tata Steel Limited ('Tata Steel') for acquiring the controlling stake of Bhushan Energy Limited ('BEL') under the Corporate Insolvency Resolution Process ('CIRP') of the Insolvency and Bankruptcy Code 2016 ('IBC').
As per the terms of the approved Resolution Plan, Tata Steel may implement the Resolution Plan itself or through a Special Purpose Vehicle incorporated for this purpose or through any of its Affiliates / Subsidiaries / Group Companies or through a combination of the foregoing.
In terms of the above, Tata Steel BSL Limited ('TSBSL'), an indirect subsidiary of Tata Steel, will carry out the acquisition of BEL by implementing the Resolution Plan approved by NCLT.
This disclosure is being made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is for your information and records.