Tata Metaliks has rallied 8% to Rs 48.50 on BSE in early morning deals after the company announced the amalgamation of the company with its group company Tata Steel.
“The board of directors of the company and the committee of directors of Tata Steel, have at their respective meetings held on April 10, 2013, based on the recommendations of their Audit Committee, approved the amalgamation of Tata Metaliks with Tata Steel with effect from April 01, 2013,” Tata Metaliks said in a BSE filing.
The public shareholders of Tata Metaliks shall be issued shares of Tata Steel in the ratio of 4:29 i.e. four equity shares of Rs. 10 each of Tata Steel for every twenty nine equity shares of Rs 10/- each of Tata Metaliks, it added.
Tata Steel holds 46.66% stake in Tata Metaliks at the end of December 2012 quarter.
The stock opened at Rs 47.50 and has seen a combine around 200,000 shares changed hands on the counter on BSE and NSE.
