Tata Steel would give shareholders of Tinplate Company 8.65 cr shares.
KJSS
22-01-2024
Share
The allocation of 8.65 crore fully paid-up equity shares (face value R1) of Tata Steel to qualified shareholders of Tinplate Company of India Limited (TCIL) has been approved by the board.
The allocation is a result of TCIL and Tata Steel's merger. The merger became operative on January 15, 2024. 33 fully paid-up ordinary equity shares of the firm with a face value of R1 will be distributed for every 10 fully paid-up equity shares of TCIL with a face value of R10 as a result of the merger.
The National Company Law Tribunal's Mumbai bench granted approval to the amalgamation scheme on October 20, 2023, and its Kolkata bench granted approval on January 1, 2024.