The Board of Tata Steel has decided to amalgamate its 7 subsidiaries - Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining into their parent C and with Has been approved. ,
In an effort to strengthen its metals business to increase efficiency and reduce costs, the Tata Group on Friday announced the merger of seven of its metal companies with Tata Steel.
The Leading body of tata Steel combined seven of its auxiliaries - tata Steel Long Items, tata Metaliks, The Tinplate Organization of India, TRF, Indian Steel and Wire Items, tata Steel Mining and S&T Mining - into and with its parent organization tataSteel. Amalgamation approved. ,
A trade recording said the choice was taken at the organization's executive gathering held yesterday.
The organization has removed the past consolidation plan of tatasteel Metaliks and tataSteel Long Items (TSPL).
Share Swap Ratio under Merger Scheme:
Tata Steel vs TRF: 17:10 (17 portions of tata Steel for each 10 portions of TRF)
Tata Steel vs TSPL: 67:10 (67 shares of Tata Steel for every 10 shares of TSPL)
Tata Steel vs Tinplate: 33:10 (33 portions of tata Steel for each 10 portions of Tinplate)
Tata Steel vs Tata Metallics: 79:10 (79 shares of Tata Steel for every 10 shares of Tata Metaliks)
Explaining the rationale behind the merger plan, Tata Steel said that the resources of the merged entities can be pooled to unlock the opportunity to create shareholder value.
Citing other synergies, it also said that the merger would result in the use of each other's facilities in a more efficient manner. The marketing and distribution network of both the entities can be synergized, it said.
eliminate administrative duplication, resulting in the creation of separate entities.” will reduce the administrative cost of keeping." Tata Steel said.
