Cancelling of Tata Steel deal lifts TRF shares to 8-year high
Economic Times
India
12-02-2024
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Shares of TRF, a Tata Group enterprise, surged to their highest level in more than eight years after its plan to amalgamate with promoter Tata Steel was called off earlier this week. The stock, which rose 10% on Friday - the highest tradable limit of the day - to ?432.50, has jumped close to 59% in the past three days following the scrapping of the merger plan.
The scheme of amalgamation between TRF and Tata Steel, announced in 2022, was seen unfavourable for shareholders of TRF. "The swap ratio announced at the time of the merger was not very beneficial for the minority shareholders and the shares had seen a correction then...so this is a reversal of that," said Amit Kumar Gupta, founder of Fintrekk Capital.