Tata Steel Mega Merger: Set to Merge Seven Subsidiaries

Tata Steel Mega Merger

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Tata Steel Ltd on Friday announced the merger of seven of its subsidiaries with itself

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That includes four listed and three unlisted companies, to consolidate its operations and save costs.

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The board of Tata Steel approved the amalgamation of Tata Steel Long Products Ltd (TSL), Tata Metaliks Ltd, TRF Ltd, etc.

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Analysts said the amalgamation simplifies the corporate structure and may bring synergy benefits and save costs.

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Tata Steel rose as much as 4.1% on the stock exchanges on Friday but pared much of the gains as the benchmark Sensex index plunged over 1.73%

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However, it still managed to close with gains of 0.55%.

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Tata Steel will give 79 shares for every 10 shares held by Tata Metaliks shareholders and 33 shares for every 10 shares held by Tinplate shareowners.

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Tata Steel will pay ₹426 per share to the shareholders of Indian Steel & Wire Products Ltd

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Tata Steel Mining Ltd and S&T Mining Co. Ltd are wholly owned units of Tata Steel.

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