Tata Steel has decided not to pursue the amalgamation of TRF Ltd as the associate company is experiencing a turnaround in its business performance. The boards of both companies have made this decision. Tata Steel has been providing support to TRF through orders and funds. Additionally, Tata Steel has successfully merged five businesses, including Tata Steel Mining Ltd and Tata Steel Long Products Ltd, with more mergers in progress.
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
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 has completed the amalgamation process for five businesses, with a cumulative annual turnover of approximately ₹19,700 crore in FY23, aiming to enhance downstream operations and leverage its nationwide marketing and sales network for growth in value-added segments.
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