31 Mar 2022 , 11:22 AM
At present, Tata Steel Limited holds 3,37,86,521 equity shares of face value of Rs10 each aggregating to 74.91% of the equity share capital of TSLP and 10 crore NCRPS representing 100% of the preference share capital of TSLP.
With the above-mentioned acquisition, Tata Steel Limited will hold an aggregate of 127 crore — 0.01% NCRPS of Rs12,700 crore, representing 100% of the preference share capital of TSLP. The voting rights of Tata Steel Limited as a preference shareholder of TSLP will be as per the provisions of the Companies Act, 2013 read with the Articles of Association of TSLP.
TSLP is a listed subsidiary of Tata Steel Limited and forms part of the Tata Steel Group. TSLP is one of the largest specialty steel plants in India with an annual capacity of 1 million tonne per annum.
From being a Direct Reduced Iron manufacturer, the Company has become one of the leading players in the field of Long Products with commercial presence across India. The Company, being the Promoter Company, holds 74.91% equity shareholding and 100% preference shareholding in TSLP as on date.
The turnover/revenue of TSLP for the previous 3 financial years is FY21: Rs4,749.87 crore, FY20: Rs3,489.99 crore and FY19: Rs992.05 crore.
“The NCRPS are being acquired to assist TSLP in funding its growth plans including the acquisition of and/or subscription to shares of Neelachal Ispat Nigam Limited or any other company, repayment/prepayment of any indebtedness including financial or operational creditors of TSLP and/or its subsidiary, lending to any subsidiary of TSLP and/or for general corporate purposes,” company said in a filing.
At around 11.14 am, Tata Steel Ltd was trading at Rs1,312.50 per piece up by Rs4.55 or 0.35% from its previous closing of Rs1,307.95 per piece on the BSE.
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