January 1, 2021 | |
The Secretary, Listing Department | The Manager, Listing Department |
BSE Limited | National Stock Exchange of India Limited |
Phiroze Jeejeebhoy Towers, | Exchange Plaza, 5th Floor, Plot No. C/1, |
Dalal Street, | G Block, Bandra-Kurla Complex, Bandra (E), |
Mumbai - 400 001. | Mumbai - 400 051. |
Maharashtra, India. | Maharashtra, India. |
Scrip Code: 500470/890144 | Symbol: TATASTEEL/TATASTLPP |
Dear Madam, Sirs, |
Sub: Transfer of stake held by Tata Steel Limited (TSL/Company) in Jamshedpur Continuous Annealing and Processing Company Private Limited (JCAPCPL) and Tata BlueScope Steel Private Limited (TBSPL) to Tata Steel Downstream Products Limited (TSDPL), a wholly owned subsidiary of TSL
This has reference to our Press Release dated November 13, 2020. As part of the earnings release, the Company had announced that it is reorganizing its India footprint into 4 clusters to drive scale, synergies and simplification and to create value for all stakeholders.
As part of the said initiative, the Company today transferred the 51% stake it holds in Jamshedpur Continuous Annealing and Processing Company Private Limited (JCAPCPL) and 50% stake it holds in Tata BlueScope Steel Private Limited (TBSPL) to Tata Steel Downstream Products Limited (TSDPL), a wholly owned subsidiary of the Company.
a. The details of transfer of 51% stake in JCAPCPL are as under:
SN. | Particulars | Details |
Tata Steel Limited held 73,03,20,000 equity | ||
The amount and percentage of the | shares of ₹10/- each in Jamshedpur Continuous | |
Annealing and Processing Company Private | ||
turnover or revenue or income and | ||
Limited (JCAPCPL). JCAPCPL is a joint venture | ||
1 | net worth contributed by such unit | |
company in which Tata Steel holds 51%. As on | ||
or division of the listed entity during | ||
March 31, 2020, the net worth of the JCAPCPL | ||
last Financial Year | ||
as considered in Tata Steel's financial | ||
statements was ₹428.60 crore. | ||
2 | Date on which the agreement for | NA |
sale has been entered | ||
3 | The expected date of completion | The transaction has been completed on |
of sale / disposal | January 1, 2021. | |
Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 001 India
Tel 91 22 6665 8282 Fax 91 22 6665 7724 Website www.tatasteel.com
Corporate Identity Number L27100MH1907PLC000260
The consideration is in the form of 6,46,53,134 | |||||||
(rounded off) equity shares of Tata Steel | |||||||
Downstream Products Limited allotted to Tata | |||||||
Consideration received from such | Steel Limited at ₹129 per equity share (includes | ||||||
4 | face value of ₹10 each) being the fair value as | ||||||
sale / disposal | |||||||
determined by an Independent Registered | |||||||
Valuer. TSDPL is currently a wholly owned | |||||||
subsidiary (WOS) of Tata Steel Limited and | |||||||
continues to be a WOS. | |||||||
Brief details of buyers and whether | |||||||
5 | any of the buyers | belong to the | Tata | Steel Downstream | Products Limited, | a | |
Promoter / Promoter Group/ Group | wholly owned subsidiary of Tata Steel Limited. | ||||||
Companies. If yes, details thereof; | |||||||
Whether the transaction would fall | |||||||
6 | within Related Party Transaction? | Yes, the transaction is with a Related Party and | |||||
If yes, whether the same is done at | on arms-length basis. | ||||||
"arms-length" | |||||||
Additionally, in case of a slump | |||||||
sale, | indicative | disclosures | |||||
7 | provided | for amalgamations / | Not applicable | ||||
merger, shall be disclosed by the | |||||||
listed entity with respect to such | |||||||
slump sale. | |||||||
b. The details of transfer of 50% stake in TBSPL are as under: | |||||||
SN. | Particulars | Details | |||||
Tata Steel Limited held 43,30,00,000 equity | |||||||
The amount and percentage of the | shares of ₹10/- each in Tata BlueScope Steel | ||||||
turnover or revenue or income and | Private Limited (TBSPL). TBSPL is a joint | ||||||
1 | net worth contributed by such unit | venture company in which Tata Steel holds | |||||
or division of the listed entity during | 50%. As on March 31, 2020, the net worth of the | ||||||
last Financial Year | TBSPL as considered in Tata Steel's financial | ||||||
statements was ₹469.97 crore. | |||||||
2 | Date on which the agreement for | NA | |||||
sale has been entered into | |||||||
3 | The expected date of completion of | The | transaction has | been completed | on | ||
sale / disposal | January 1, 2021. | ||||||
STEEL LIMITED
The consideration is in the form of 10,94,24,806 | ||||
equity shares of Tata Steel Downstream | ||||
Products Limited allotted to Tata Steel Limited at | ||||
4 | Consideration received from such | ₹129 per equity share (includes face value of | ||
sale / disposal | ₹10 each) being the fair value as determined by | |||
an Independent Registered Valuer. TSDPL is | ||||
currently a wholly owned subsidiary (WOS) of | ||||
Tata Steel Limited and continues to be a WOS. | ||||
Brief details of buyers and whether | ||||
5 | any of the buyers belong to the | Tata Steel Downstream Products Limited, a | ||
Promoter / Promoter Group/ Group | wholly owned subsidiary of Tata Steel Limited. | |||
Companies. If yes, details thereof; | ||||
Whether the transaction would fall | ||||
6 | within Related Party Transaction? | Yes, the transaction is with a Related Party and | ||
If yes, whether the same is done at | on arms-length basis. | |||
"arms-length" | ||||
Additionally, in case of a slump | ||||
sale, | indicative | disclosures | ||
7 | provided | for amalgamations / | Not applicable | |
merger, shall be disclosed by the | ||||
listed entity with respect to such | ||||
slump sale. | ||||
The additional details of the abovementioned transactions are as hereunder:
SN. | Particulars | Details | ||||
The Company is reorganizing its India footprint | ||||||
1. | Details | and | reasons | for | into 4 clusters to drive scale, synergies and | |
restructuring | simplification and to create value for all | |||||
stakeholders. | ||||||
2. | Quantitative and/ | or | qualitative | TSDPL has been identified as the anchor entity | ||
effect of restructuring | ||||||
for downstream business. Accordingly, the | ||||||
Details of | benefit, if | any, to | the | |||
Company's investment(s) held in entities | ||||||
promoter/promoter | group/group | |||||
3. | forming part of downstream business are being | |||||
companies | from | such proposed | ||||
consolidated with TSDPL. | ||||||
restructuring | ||||||
STEEL LIMITED
Brief details of change in
4. shareholding pattern (if any) of all entities
-
Tata Steel Limited
There is no change in shareholding pattern of Tata Steel Limited. - Tata Steel Downstream Products Limited (TSDPL)
Post the allotment of 17,40,77,940 equity shares, Tata Steel's shareholding in TSDPL stands increased to 24,23,27,940 equity shares. TSDPL continues to be a wholly owned subsidiary of Tata Steel Limited. - JCAPCPL
Shareholder | Pre | Post |
(%) | (%) | |
Tata Steel | 51 | - |
TSDPL | - | 51 |
(WOS of Tata Steel) | ||
d. TBSPL | ||
Shareholder | Pre | Post |
(%) | (%) | |
Tata Steel | 50 | - |
TSDPL | - | 50 |
(WOS of Tata Steel) | ||
This disclosure is being made in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.
Yours faithfully,
Tata Steel Limited
Parvatheesam Kanchinadham
Company Secretary &
Chief Legal Officer (Corporate & Compliance)
STEEL LIMITED
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Tata Steel Ltd. published this content on 01 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 January 2021 08:15:05 UTC