Tata Steel BSL Delisting

Tata Steel BSL is public limited company which was incorporated on January 7, 1983. The company is engaged in manufacturing of steel. It was under Insolvency proceedings from past few years. Tata Steel had won the bid to acquire debt-laden BSL in 2018.

Tata Steel has received approval for the composite scheme of Amalgamation of Bamnipal steel limited and Tata Steel BSL into Tata Steel Ltd by NCLT. It got approved on April 25 ,2019. Tata Steel BSL is a subsidiary of Bamnipal Steel, which is a wholly owned subsidiary of Tata Steel. In the process of Amalgamation two or more companies becomes a single new Entity.

Tata steel BSL is amalgamated with Tata Steel at the ratio of 15:1 that means from every 15 shares of tata steel BSL, the investor will receive 1 share of Tata Steel. Tata Steel BSL will get delisted from November 15 and its last day of trading was on November 12. November 16 is set as record date for determining the shareholders of Tata Steel BSL.

Both companies are involved in the manufacturing and sale of Steel and Steel products, the reason for the amalgamation was to streamline Tata Steel's group structure and to minimize the level of legal and regulatory compliances. This amalgamation will aid in more focused management, as well as improving the efficiency of the company's operations and increasing shareholder’s wealth.

Thank you.

Regards,

Anshika Parashar (Section G),

Kautilya,

IBS Mumbai.