Tata Steel the promoter of TRF held a 34.1% stake in the company as on December-end. Under the amalgamation scheme, shareholders of TRF were to get 17 shares of Tata Steel for every 10 held in the company.
Tata Steel on Wednesday announced the merger of five strategic businesses of the group with itself as part of an integration process aimed at simplifying business portfolio.
Shares of TRF, a Tata Group company, hit the 20% upper circuit limit, reaching an eight-year high of ₹393.30 apiece, following the decision against proceeding with the amalgamation process.
In concurrence with the decision of TRF Limited, the Tata Steel board also decided to withdraw the scheme, which was announced on September 22, 2022 as part of a wider consolidation of nine group companies
TRF shareholders were to get for 17 shares of Tata Steel for 10 of the company, which was a 53 percent discount at the time. The discount had narrowed to 10 percent as per the closing price of February 6