Tata Steel Stock-Split Proposal: CFO Koushik Chatterjee Makes A Statement

Tata Steel has received "necessary approvals" for its stock-split proposal, company's Executive Director and Chief Financial Officer Koushik Chatterjee said on Monday. Tata Steel had earlier said its board would consider a proposal for sub-division of the equity shares of the company having a face value of Rs 10 each, according to PTI news.

"I am happy to report that the 1:10 stock split has received the necessary approvals and the Company has set 29th July, 2022 as the record date to give effect to the split," Chatterjee said in a statement.

Meanwhile, Tata Steel on July 8 held a meeting for stock split in the ratio of 1:10 and announced July 29, 2022 as the record date. The market capitalization is Rs 114,813 crore at the time of writing the story.

Record Date: The record date is the date when the existing shareholder must own the stock to become eligible to get the new shares obtained by a stock split. Meanwhile, in case you happen to buy or sell shares between record date and effective date, then the right to new shares will transfer.

1. Tata Steel Record Date For Stock Split

The board of directors of the company has declared the record date and in the BSE filing specified, "In terms of Regulation 42 (2) of the SEBI Listing Regulations, the Company has fixed Friday, July 29, 2022 as the 'Record Date' for the purpose of determining the eligibility of Shareholders for the purpose of sub-division /split of every one fully paid-up Ordinary (equity) share having face value Rs. 10/- (Rupees Ten only) each in the share capital of the Company, into ten (10) fully paid-up Ordinary (equity) shares having face value Re. 1/- (Rupee One only) each, as approved by the shareholders at the 115th Annual General Meeting of the Company held on June 28, 2022.

2. Tata Steel Stock Outlook

The current market price of Tata Steel stock is Rs 960.70 with a gain of 2.63% in yesterday's trading. The 52-week high is Rs 1534 apiece and 52-week low is Rs 827 apiece. The PE 3.78 and ROE is 24.72. The market capitalization is Rs 117,367 crore.

3. About Tata Steel

Tata Steel is among the country's top four steel producers and contributes around 18 per to the total domestic steel production. Tata Steel operates in the sector of metals-ferrous sector. The company top management includes Ratan N Tata, David W Crane, Mallika Srinivasan, O.P. Bhatt etc. Tata Steel's Indian product portfolio is divided into four segments - Automotive and Special Products; Industrial Products, Projects and Exports; Branded Products and Retail; and Services and Solutions. The Company supplies hot-rolled, cold-rolled, galvanised, branded solution offerings and more.