Tata Steel to merge group firm Tata Metaliks with itself
12 April 2013 2:20 AM GMT
Tata Steel on Thursday announced merging group firm Tata Metaliks, which is into pig iron manufacturing, with itself.
Besides, Tata Metaliks Kubota Pipes Limited, a 100 per cent subsidiary of Tata Metaliks, will also be merged with Tata Steel.
In a statement, Tata Steel said that its Committee of Directors and Board of Directors of Tata Metaliks and TMKPL have approved the merger.
'... its Committee of Directors and the Board of Directors of Tata Metaliks Ltd (TML) and Tata Metaliks Kubota Pipes Ltd (TMKPL), a 100 per cent subsidiary of TML, have approved the proposal of merger of TML and TMKPL with TSL through a scheme of amalgamation to be sanctioned through a court approval process,' Tata Steel said. Tata Metaliks, in a separate filing to the BSE, said that the decision was taken on Wednesday by both the firms and subject to shareholders, creditors and regulatory approvals, the scheme of amalgamation of TML with TSL will come into effect from 1 April 2013.
It added that Tata Metaliks will be amalgamated with Tata Steel followed by the dissolution of the company without winding up.
The public shareholders of TML will get 4 shares of Rs 10 each of TSL for every 29 shares of Rs 10 each of TML in terms of the scheme, it further said. Tata Steel currently holds 50.09 per cent stake in Tata Metaliks.
Besides, Tata Metaliks Kubota Pipes Limited, a 100 per cent subsidiary of Tata Metaliks, will also be merged with Tata Steel.
In a statement, Tata Steel said that its Committee of Directors and Board of Directors of Tata Metaliks and TMKPL have approved the merger.
'... its Committee of Directors and the Board of Directors of Tata Metaliks Ltd (TML) and Tata Metaliks Kubota Pipes Ltd (TMKPL), a 100 per cent subsidiary of TML, have approved the proposal of merger of TML and TMKPL with TSL through a scheme of amalgamation to be sanctioned through a court approval process,' Tata Steel said. Tata Metaliks, in a separate filing to the BSE, said that the decision was taken on Wednesday by both the firms and subject to shareholders, creditors and regulatory approvals, the scheme of amalgamation of TML with TSL will come into effect from 1 April 2013.
It added that Tata Metaliks will be amalgamated with Tata Steel followed by the dissolution of the company without winding up.
The public shareholders of TML will get 4 shares of Rs 10 each of TSL for every 29 shares of Rs 10 each of TML in terms of the scheme, it further said. Tata Steel currently holds 50.09 per cent stake in Tata Metaliks.
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