Tata Metaliks to merge with Tata Steel

Updated: Thursday, April 11, 2013, 12:38 [IST]

Tata Metaliks Ltd has said that the Board of Directors of the Company i.e. TML and the Committee of Directors of Tata Steel Ltd (TSL), have at their respective meetings held on April 10, 2013, based on the recommendations of their Audit Committee, approved the amalgamation of TML with TSL with effect from April 01, 2013.

This is subject to and conditional upon requisite approvals and sanctions being received thereof, including approvals.

In terms of the Scheme, TML will be amalgamated with TSL followed by the dissolution of the Company without winding up.

The shares held by TSL in TML shall get extinguished and the public shareholders of TML shall be issued shares of TSL in the ratio of 4 (four) equity shares of Rs. 10/- each of TSL for every 29 (twenty nine) equity shares of Rs. 10/- each of TML in terms of the Scheme.

Further the Company has informed that Tata Metaliks Kubota Pipes Limited ("TMKPL"), subsidiary of the company at their meeting held on April 10, 2013 has also approved the amalgamation of their company with TSL.

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