Last checked at 30 Mar 2022 14:28
March 30, 2022
London Stock Exchange
London
Dear Madam, Sirs,
Sub: Transfer of equity stake held by Tata Steel Limited in Tata Steel Special Economic Zone Limited to Tata Steel Utilities and Infrastructure Services Limited for consideration other than cash
This has reference to our Press Release dated November 13, 2020. As part of the earnings release, the Company had announced that to drive scale, synergies and simplification and to create value for all stakeholders, it is reorganizing its India footprint into 4 clusters.
In continuation of the above, on April 3, 2021, Tata Steel Limited (Company) had transferred its entire equity stake i.e. 100%, held in Tata Steel Special Economic Zone Limited (TSSEZ) to Tata Steel Utilities and Infrastructure Services Limited (TSUISL), a wholly owned subsidiary of the Company, for consideration other than cash. The relevant disclosure in this regard had been made on even date.
Further, the Company, during the FY2021-22 has been allotted 89,63,888 equity shares of TSSEZ, for consideration other than cash in lieu of transfer of assets from the Company to TSSEZ. As part of the Company's initiative towards simplification of its portfolio, the Company has today, i.e. March 30, 2022 transferred the 89,63,888 equity shares of face value Rs. 10/- each, held in TSSEZ to TSUISL for a consideration other than cash, in form of 5,51,175 equity shares of TSUISL. The details of the transaction are provided in Annexure A.
http://www.rns-pdf.londonstockexchange.com/rns/6381G_1-2022-3-30.pdf
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.