Tata Metaliks Ltd and Tata Metaliks Kubota Pipes Ltd to Merge with Tata Steel Ltd

The Board of Directors of Tata Metaliks Ltd (TML) and the Committee of Directors of Tata Steel Ltd (TSL), have at their respective meetings held on April 10, 2013, based on the recommendations of their Audit Committee, approved the amalgamation of TML with TSL with effect from April 01, 2013.

This is subject to and conditional upon requisite approvals and sanctions being received thereof, including approvals and orders under Section 391-394 of the Companies Act, 1956 and SEBI Circular No. CIR/CFD/DIL/5/2013 dated February 04, 2013.

In terms of the Scheme, TML will be amalgamated with TSL followed by the dissolution of the Company without winding up.

The shares held by TSL in TML shall get extinguished and the public shareholders of TML shall be issued shares of TSL in the ratio of 4 (four) equity shares of Rs. 10/- each of TSL for every 29 (twenty nine) equity shares of Rs. 10/- each of TML in terms of the Scheme.

Further the Company has informed that Tata Metaliks Kubota Pipes Limited ("TMKPL"), subsidiary of the company at their meeting held on April 10, 2013 has also approved the amalgamation of their company with TSL.

Shares of Tata Metaliks Ltd was last trading in BSE at Rs.44.45, down by Rs.0.65 or 1.44%. The stock hit an intraday high of Rs.48.50 and low of Rs.44.

The total traded quantity was 3.89 lakhs compared to 2 week average of 0.48 lakhs.

Shares of Tata Steel Ltd was last trading in BSE at Rs.298.70, down by Rs.6.85 or 2.24%. The stock hit an intraday high of Rs.308.50 and low of Rs.298.

The total traded quantity was 13.08 lakhs compared to 2 week average of 8.54 lakhs.

Source : Equity Bulls

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