Tata Steel Limited (BSE:500470) (TSL) entered into a scheme of amalgamation to acquire remaining 25.1% stake in Tata Steel Long Products Limited (BSE:513010) (TSLP) for INR 7.9 billion on September 22, 2022. Upon the Scheme coming into effect, TSL will issue and allot 67 fully paid-up equity shares of nominal value of INR 1/- each of the Company to the shareholders of TSLP for every 10 fully paid-up equity shares of nominal value of INR 10/- each. Post transaction, TSLP will be merged with TSL. The Scheme is subject to the receipt of approval from the shareholders of TSL and TSPL, Competent Authority, SEBI, The National Stock Exchange of India Limited and the BSE Limited (hereinafter collectively referred to as ?Stock Exchanges?); and such other approvals, permissions and sanctions of regulatory and other statutory or governmental authorities / quasi-judicial authorities, as may be necessary as per applicable laws. Scheme was reviewed and recommended to the Board by the Committee of Independent Directors and the Audit Committee of TSL and TSPL. The meeting of the equity shareholders of Tata Steel Long Products Limited will be held on June 27, 2023. The Board of Directors of TSL and TSPL approved the Schemes on September 22, 2022. As of February 13, 2023, transaction is expected to complete in fiscal year 2023-24. As of May 3, 2023, the transaction is under the NCLT review. As of June 27, 2023, the transaction is approved by shareholders of Tata Steel Limited. As of June 29, 2023, the transaction is approved by shareholders of Tata Steel Long Products Limited.

Ernst & Young Merchant Banking Services Private Limited acted as fairness opinion provider and financial advisor to Tata Steel. RBSA Capital Advisors LLP acted as fairness opinion provider, RBSA Advisory Pvt. Ltd. acted as financial advisor and Deloitte Touche Tohmatsu India, LLP acted as accountant to TSPL.
Tata Steel Limited (BSE:500470) (TSL) completed the acquisition of remaining 25.1% stake in Tata Steel Long Products Limited (BSE:513010) (TSLP) on November 15, 2023.