As part of the agreement, Tata Steel UK will make a payment of UK Pound 550 million (Rs 45,574 million approx.) to the British Steel Pension Scheme (BSPS), while 33% of Tata Steel UK’s equity will be issued to the scheme’s trustee.
The agreement will affect 1,25,000 members of the pension scheme.
Tata Steel and Thyssenkrupp have been in talks for nearly a year now with experts suggesting that the UK Pound 15 billion pension scheme was a major stumbling block. The deal will remove the main obstacle to a potential merger of the company’s European business with Germany’s ThyssenKrupp, as well as the risk of insolvency.
On Friday, Tata Steel Ltd ended at Rs 596.15, down by Rs 8.4 or 1.39% from its previous closing of Rs 604.55 on the BSE.
The scrip opened at Rs 600 and touched a high and low of Rs 605 and Rs 589.6 respectively. A total of 9284253(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 57899.04 crore.
The BSE group 'A' stock of face value Rs 10 touched a 52 week high of Rs 624.95 on 08-Aug-2017 and a 52 week low of Rs 355.4 on 19-Sep-2016. Last one week high and low of the scrip stood at Rs 624.95 and Rs 583.5 respectively.
The promoters holding in the company stood at 31.35 % while Institutions and Non-Institutions held 44.01 % and 24.64 % respectively.
The stock traded above its 50 DMA.
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