Tata Steel to issue 7.58 crore shares to Tata Steel Long Products shareholders under merger plan

MUMBAI – The Tata Steel Ltd board has approved the issuance of up to 7.58 crore shares to the shareholders of Tata Steel Long Products under the proposed merger plan, following the approval of the National Company Law Tribunal.

Shareholders of Tata Steel Long Products will get 67 shares of Tata Steel for every 10 shares held by them in the former.

The company will subsequently fix the record date for the same. In September 2022, Tata Steel announced plans to merge seven of its subsidiaries, including Tata Steel Long Products.

The amalgamation is aimed at consolidating the business to drive operational efficiencies, business synergies, and simplifying the corporate holding structure.

The board on Wednesday also considered and approved the merger of another wholly-owned subsidiary Bhubaneshwar Power Pvt Ltd, with parent Tata Steel Ltd.

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