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Tata Steel BSL to merge with Tata Steel

Steel News - Published on Fri, 26 Apr 2019

Image Source: Zee Business
Tata Steel has proposed to merge Tata Steel BSL (formerly Bhushan Steel) with itself, less than a year after acquiring the company through a bankruptcy process. Tata Steel informed BSE “The Board of Directors of the Company have considered and approved a merger of Bamnipal Steel Limited and Tata Steel BSL Limited (formerly Bhushan Steel Limited) into the Company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of INR 10 each fully paid up of the company for every 15 equity shares of INR 2 each fully paid up held by the public shareholders of Tata Steel BSL Limited. As part of the scheme, the equity shares held by Bamnipal Steel Limited and the preference shares held by the Company in Tata Steel BSL Limited shall stand cancelled. The equity shares held by the Company in Bamnipal Steel Limited shall also stand cancelled.”

The merger is subject to shareholders and other regulatory approvals.

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Posted By : Ratan Singh on Fri, 26 Apr 2019
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