Tata Steel Limited (BSE:500470) (TSL) entered into a scheme of amalgamation to acquire remaining 40% stake in Tata Steel Long Products Limited (BSE:513010) (TML) for INR 10.3 billion on September 22, 2022. Post transaction, TML will be merged with TSL. Upon the Scheme coming into effect, TSL will issue and allot 79 fully paid-up equity shares of nominal value of INR 1/- each of the Company to the shareholders of TML for every 10 fully paid-up equity shares of nominal value of INR 10/- each. Scheme was reviewed and recommended to the Board by the Committee of Independent Directors and the Audit Committee of TSL and TML. The Board of Directors of TSL and TML approved the Schemes on September 22, 2022. Scheme is subject to the receipt of approval from the shareholders of TSL and TML, Competent Authority, SEBI, The National Stock Exchange of India Limited and the BSE Limited (hereinafter collectively referred to as “Stock Exchanges”); and such other approvals, permissions and sanctions of regulatory and other statutory or governmental authorities / quasi-judicial authorities, as may be necessary as per applicable laws. As of May 2, 2023, the transaction has been approved by the Securities and Exchange Board of India. Transaction has been approved the shareholders of Tata Steel Limited. The transaction is expected to be completed in 2023-24 fiscal year. As of July 7, 2023. As on NCLT orders, shareholders meeting scheduled to be held on August 10, 2023.

Ernst & Young Merchant Banking Services Private Limited acted as fairness opinion provider and financial advisor to Tata Steel. RBSA Capital Advisors LLP acted as fairness opinion provider, RBSA Advisory Pvt. Ltd. acted as financial advisor and Deloitte Touche Tohmatsu India, LLP acted as accountant to TML.