Tata Steel Limited (BSE:500470) entered a scheme of amalgamation to acquire the remaining 65.88% stake in TRF Limited (BSE:505854) for INR 1.95 billion on September 22, 2022. Tata Steel Limited will issue 17 shares for every 10 shares of TRF Limited. Managing Director of TRF, Alok Krishna, will join Tata Steel in a similar position. The transaction is subject to regulatory approval of SEBI, BSE and NSEI. The transaction is subject to approval by majority shareholders of both Tata Steel and TRF Limited. The transaction has been approved by the board of both TRF and Tata Steel. The transaction is expected to be completed in fiscal year 2023-24. As of May 2, 2023, the transaction has been approved by the Securities and Exchange Board of India. Rashmi Shah along with Deloitte Touche Tohmatsu India, LLP acted as accountant to TRF Limited, RBSA Capital Advisors LLP acted as fairness opinion provider to TRF Limited. Chartered Accountant, Vikrant Jain acted as an accountant to Tata Steel, Ernst & Young Merchant Banking Services Private Limited acted as fairness opinion provider and financial advisor to Tata Steel. RBSA Advisory Pvt. Ltd. acted as financial advisor to TRF Limited.

Tata Steel Limited (BSE:500470) cancelled the acquisition of remaining 65.88% stake in TRF Limited (BSE:505854) on February 6, 2024.