At meeting held on 08 February 2024
The Board of Tata Steel at its meeting held on 08 February 2024 has approved the allotment of 9,97,01,239 fully paid-up ordinary equity shares of the Company of face value Rs 1/- each, to the eligible shareholders of Tata Metaliks (TML) as on the record date 06 February 2024 (Record Date), in the share exchange ratio of 79:10 i.e., 79 fully paid-up ordinary equity shares of the Company of face value Rs 1/- each to be allotted for every 10 fully paid-up equity shares of TML of face value Rs 10/- each, in terms of the Scheme of Amalgamation.The above allotment includes the following:
a) 35,744 fully paid-up ordinary equity shares of the Company of face value Re 1/- each, allotted to 'TSL-TML Fractional Share Entitlement Trust' (managed by Axis Trustee Services), towards fractional entitlements of eligible shareholders of TML with all additions or accretions thereto in trust, for the benefit of shareholders of TML, during the process of allotment of shares as per the Share Exchange Ratio of 79:10 as provided in the sanctioned Scheme of Amalgamation.
b) 58,13,544 fully paid-up ordinary equity shares of the Company of face value Re 1/- each, allotted to 'Tata Steel Limited - Unclaimed Securities - Suspense Escrow Demat Account - For TSL-TML Merger' maintained with Standard Chartered Bank, Fort Branch, Mumbai, representing in aggregate the equity shares of eligible shareholders of TML holding equity shares in physical form as on the Record Date and whose individual demat account details are yet to be made available to the Company as on the date of allotment. These equity shares will subsequently get credited in dematerialized form, to concerned eligible shareholders of TML, once their correct demat account details are made available to the Company.
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