Tata Steel announces acquisition of Neelachal Ispat Nigam

4 Jul 2022 , 05:26 PM

Tata Steel through its listed subsidiary Tata Steel Long Products (TSLP) has today, i.e. 04 July 2022 completed the acquisition of stake in Neelachal Ispat Nigam (NINL). The transaction has been completed for an aggregate consideration of Rs 12,100 crore as per the terms and conditions of the Share Sale and Purchase Agreement entered into by the Company in accordance with the process which was carried out by Department of Investment and Public Asset Management (DIPAM). As part of the acquisition, the following have been completed: 1. Subscription of 48,43,75,000 equity shares of face of &8377;10/- each aggregating to Rs 3,100 crore by TSLP; 2. Subscription of 0.01%, 45,60,54,252 Non-Convertible Redeemable Preference Shares of face value of Rs 100/- each aggregating to approx. Rs 4,560.54 crore by TSLP. 3. Purchase of 69,40,29,741 equity shares by TSLP from MMTC, NMDC, MECON, Bharat Heavy Electricals, Industrial Promotion and Investment Corporation of Odisha, and Odisha Mining Corporation for the balance consideration. Consequently, NINL has become a subsidiary of TSLP and an indirect subsidiary of Tata Steel. Powered by Capital Market – Live News