NEW DELHI: The board of Tata steel has approved allotment of 8.65 crore fully paid-up equity shares (face value R1) of the company to eligible shareholders of Tinplate Company of India Limited (TCIL).
The allotment is part of TCIL’s merger with Tata Steel. The merger got effective from 15 January 2024. As part of the merger, 33 fully paid-up ordinary equity shares of the company of face value R1 each will be allotted for every 10 fully paid-up equity shares of TCIL of face value R10.
The Scheme of Amalgamation was approved by the Mumbai bench of the National Company Law Tribunal through its order dated October 20 2023 and the Kolkata bench of NCLT through an order dated 1 January 2024. These ordinary equity shares are proposed to be listed and traded on BSE Limited and the National Stock Exchange of India Limited.
Tata Steel shares closed at R 134 on Saturday, while TCIL shares which last traded on 18 January closed at R430.55. Of the 8.65 core Tata Steel shares, 17,019 shares will be allotted to TSL-TCIL Fractional Share Entitlement Trust towards fractional entitlements of eligible shareholders of TCIL. Another 18,60,864 shares of Tata Steel will be allotted to ‘Tata Steel Limited - Unclaimed Securities - Suspense Escrow Demat Account TSL-TCIL Merger’ maintained with Standard Chartered Bank, Fort Branch, Mumbai, representing in aggregate the equity shares of eligible shareholders of TCIL holding equity shares in physical form as on the Record Date (19 January) and whose individual demat account details are yet to be made available to the company as on the date of allotment.