TSLPL/SE/2022-23/55
October 13, 2022
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, |
Mumbai 400 001 | Bandra (East), Mumbai 400 051 |
Scrip Code: 513010 | Symbol: TATASTLLP |
Sub: Acquisition of equity stake in Neelachal Ispat Nigam Limited, subsidiary of Tata Steel Long Products Limited
This is to inform you that, Tata Steel Long Products Limited ('Company') has, on October 12, 2022, acquired 4,68,75,000 equity sharesof ₹10/- each ata premium of ₹54 per share, of Neelachal Ispat Nigam Limited, a subsidiary of the Company, for an amount aggregating to ₹300 crore (hereinafter referred to as the 'Transaction').
The relevant details of the transaction are enclosed in Annexure A.
This disclosure is made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.
Thanking you.
Yours faithfully,
Tata Steel LongProducts Limited
SANKAR BHATTAC HARYA
Digitally signed by SANKAR BHATTACHARYA Date: 2022.10.13 20:41:44 +05'30'
Sankar Bhattacharya
Company Secretary and Compliance Officer
Encl. as above
PO Joda Dist Keonjhar Odisha 758 034 India
Tel 91 6767 278178 Fax 278129 Email info@tatasteellp.com
CIN L27102OR1982PLC001091
ANNEXURE A | |||||||
SN | Particulars | Details | |||||
Neelachal Ispat Nigam Limited ('NINL') is a | |||||||
subsidiary of Tata Steel Long Products Limited | |||||||
('TSLP'). | |||||||
Neelachal Ispat Nigam Limited has a 1.1 mtpa | |||||||
integrated iron and steel plant at Kalinganagar | |||||||
Odisha, along with iron ore mines with a reserve | |||||||
Name of the target entity, details in | of ~90 MT. | ||||||
1. | brief such as size, turnover etc. | ||||||
The turnover/revenue of NINL for the previous | |||||||
three financial years are as below: | |||||||
FY2021-22: Rs.257.58crore | |||||||
FY2020-21:Rs.28.25 crore | |||||||
FY2019-20:Rs.941.07 crore | |||||||
Whether the acquisition would fall | Yes. NINL is a subsidiary of the Company | ||||||
within related party transaction(s) | |||||||
and whether | the | promoter/ | The Transaction has been carried out in | ||||
2. | promoter group/ group | companies | compliance with all applicable laws. | ||||
have any interest in the entity being | |||||||
acquired? If yes, nature of interest | |||||||
and details thereof and whether the | |||||||
same is done at "arm's length" | |||||||
3. | Industry | to | which | the entity | Manufacturing of Iron and Steel business | ||
being acquired belongs; | |||||||
The Company has subscribed to 4,68,75,000 | |||||||
Objects and | effects of | acquisition | equity shares of NINL aggregating to ₹300 crore. | ||||
(including | but | not | limited | to, | The proposed funding will be utilized towards the | ||
disclosure of reasons for acquisition | |||||||
4. | initial working capital and capex requirement of | ||||||
of target | entity, | if its business | is | ||||
the Company including start-up of iron and steel | |||||||
outside the main line of business of | |||||||
plant at Kalinganagar, repayment/prepayment of | |||||||
the listed entity); | |||||||
liabilities and for other general corporate | |||||||
purposes. | |||||||
PO Joda Dist Keonjhar Odisha 758 034 India | |||||||
Tel 91 6767 278178 Fax 278129 Email info@tatasteellp.com | |||||||
CIN L27102OR1982PLC001091 |
Brief details of any governmental or | None | ||||||||||
5. | regulatory approvals required for | ||||||||||
the acquisition; | |||||||||||
6. | Indicative | time | period | for | TSLP has acquired 4,68,75,000 equity shares of | ||||||
completion of the acquisition; | |||||||||||
face value of ₹10/- each at a premium of ₹54 per | |||||||||||
share of NINL for an aggregate value of ₹300 | |||||||||||
crore on October 12, 2022 | |||||||||||
Nature of consideration - whether | Cash consideration | ||||||||||
7. | cash consideration or | share | swap | ||||||||
and details of the same; | |||||||||||
8. | Cost of acquisition or the price at | ₹300 crore | |||||||||
which the shares are acquired; | |||||||||||
Percentage of shareholding/ control | |||||||||||
Equity Shareholding of Tata Steel Long | |||||||||||
9. | acquired and / or number of shares | Products Limited | |||||||||
acquired; | in Neelachal Ispat Nigam Limited | ||||||||||
Pre-acquisition | Post-acquisition | ||||||||||
Nos. | % | Nos. | % | ||||||||
117,84,04,741 | 95.65 | 122,52,79,735 | 95.81 | ||||||||
NINL is a subsidiary of TSLP. | |||||||||||
NINL was incorporated on March 27, 1982, to set- | |||||||||||
up an integrated steel plant to undertake | |||||||||||
manufacturing and sale of steel products. | |||||||||||
Brief background about the entity | NINL initially set up a 1.1 MTPA blast furnace in | ||||||||||
acquired in termsof products/line of | 2002 to produce pig iron. Subsequently, other | ||||||||||
business acquired, date of | supporting facilities like sinter plant, coke oven | ||||||||||
10. | incorporation, history of last 3 years | ||||||||||
plant, power plant, etc. were commissioned. | |||||||||||
turnover, country in which the | |||||||||||
acquired entity has presence and any | The turnover/revenue of NINL for the previous | ||||||||||
other significant information (in | |||||||||||
brief); | three financial years are as below: | ||||||||||
FY2021-22: Rs.257.58crore | |||||||||||
FY2020-21: Rs.28.25 crore | |||||||||||
FY2019-20: Rs.941.07 crore | |||||||||||
PO Joda Dist Keonjhar Odisha 758 034 India
Tel 91 6767 278178 Fax 278129 Email info@tatasteellp.com
CIN L27102OR1982PLC001091
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Tata Steel Long Products Ltd. published this content on 13 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2022 16:21:05 UTC.