Tata Steel to hold shareholders' meet on Jan 25; consider merger of Indian Steel and Wire Products
BSE release on Friday. “The NCLT has directed, inter alia, that a meeting of the Equity Shareholders of the Transferee Company (Tata Steel Limited) be convened and held on Thursday, January 25, 2024 through video-conferencing or other audio-visual means (‘VC/OAVM’) (‘Meeting’) to consider and if thought fit, with or without modification(s), approve the Scheme," the company said in its stock exchange filing on Friday. The meeting will be conducted through video conferencing or other audio-visual medium, as per the directions of the National Company Law Tribunal, at 11 am on January 25.
The process of remote e-voting will begin on Sunday, January 21, at 9 am. The e-voting will end on Wednesday, January 24 at 5 pm. The company shares closed 1.91% higher at ₹133.50 per share on BSE on Friday.
Tata Steel approved the merger of its subsidiary Indian Steel and Wire Products along with the amalgamation of six more subsidiaries in 2022. The company had approved the amalgamation of Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Limited, S & T Mining Company with Tata Steel Limited, according to its stock exchange filing released on 22 September 2022. The approved merger of the subsidiary entities into Tata Steel would help the firm unlock the opportunity for creating shareholder value.
The proposed amalgamation would also ensure the use of best practices, cross-functional learnings, and utilizationallow of each other’s facilities in a more efficient manner. The merger would also let the collaboration of the marketing and distribution network of both entities, the company said in its BSE filing. At the beginning of 2023, Tata Steel CEO and Managing
. Read more on livemint.com
