Tata Steel sets January 19 as record date for Tinplate merger

Shares of Tata Steel Ltd and Tinplate Company of India Ltd were trading marginally lower in Monday's trade as the former set January 19 as the record the for the proposed merger between the two Tata group firms, which have received NCLT approvals for the same.

"In terms of the Scheme of Amalgamation, the Board has approved Friday, January 19, 2024, as the Record Date for the purpose of determining the shareholders of Tinplate Company of India who shall be entitled to receive fully paid-up ordinary equity shares of Tata Steel in the share exchange ratio as per the scheme of amalgamation," Tata Steel said in a BSE filing.

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In accordance with the merger scheme, Tata Steel would issue and allot fully paid-up ordinary equity shares, to those shareholders of Tinplate Company, whose names would appear in the Register of Members on the record date i.e. Friday, January 19, 2024, in the ratio of 33 fully paid-up ordinary equity shares of Re 1 each for every 10 fully paid-up ordinary equity shares of ₹10/- (Rupees Ten) each held by such members in Tinplate Company.

On January 1, the scheme of amalgamation was sanctioned among Tata Steel, The Tinplate Company of India and their respective shareholders. It was okayed by the National Company Law Tribunal Mumbai Bench vide its order dated October 20, 2023 and by the NCLT, Kolkata Bench vide its Order dated January 1, 2024, under the provisions of Sections 230 to 232 and other applicable provisions, if any, of the Companies Act, 2013.

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