Tata Steel (TSL) has acquired the balance 1,35,29,959 equity shares of Rs 10 each, at a premium of Rs 2.81 per share (total Rs 12.81 per share), of Tata Steel Advanced Materials (TSAML), an indirect wholly owned subsidiary of the Company, from Tata Steel Downstream Products (TSDPL), a direct wholly owned subsidiary of the Company, for an amount aggregating to around Rs 17.33 crore (together referred to as ‘Transaction’). Consequent to the transaction, TSAML has become a direct wholly owned subsidiary of the Company.
In July 2021, TSL had transferred 100% stake in TSAML to TSDPL, a direct wholly owned subsidiary of TSL. Further, during October 28, 2022, through March 16, 2023, TSL has acquired 75.94% of equity stake in TSAML through various share issuances. TSL has ventured into New Materials Business (NMB) in areas of composites, graphene, medical materials amongst others. TSAML has been identified as the anchor company to pursue business opportunities under NMB. In view of the above, it was proposed to acquire entire equity stake in TSAML from TSDPL and make it a direct wholly owned subsidiary of the Company.
Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.
| Company Name | CMP |
|---|---|
| Tata Steel | 211.65 |
| JSW Steel | 1274.85 |
| SAIL | 172.50 |
| Jindal Stainless | 789.80 |
| APL Apollo Tubes | 2141.55 |
| View more.. | |
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