Tata Steel Limited (BSE:500470) (TSL) entered into a scheme of amalgamation to acquire remaining 25% stake in The Tinplate Company of India Limited (BSE:504966) (TCIL) for INR 9 billion on September 22, 2022. Post transaction, TCIL will be merged with TSL. Upon the Scheme coming into effect, TSL will issue and allot 33 fully paid-up equity shares of nominal value of INR 1/- each of the Company to the shareholders of TSLP 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 TCIL. The Board of Directors of TSL and TCIL approved the Schemes on September 22, 2022. Scheme is subject to the receipt of approval from the shareholders of TSL and TCIL, 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.

The shareholder meeting is scheduled on June 24, 2023. As convened by the NCLT, a shareholder meeting is scheduled on June 28, 2023. As of July 24, 2023, the shareholders of Tata Steel approved the acquisition.

As of February 13, 2023, Merger is expected to be completed in fiscal year 2023-2024. 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 TCIL.