Tata Steel Approves Issuing 7.58 Crore Shares To Long Products Unit Shareholders

Tata Steel Ltd. has approved the allotment of 7.58 crore shares of the company to eligible shareholders of its long products unit that is merging with the parent.

Sixty seven fully paid-up equity shares of Tata Steel of face value Re 1 each will be allotted for every 10 shares of Tata Steel Long Products Ltd. of face value Rs 10 each, based on the scheme of amalgamation approved by the National Company Law Tribunal, the filing said.

The shares allocated are equal to the existing shares of the company and will also be listed and traded on the Bombay Stock Exchange and the National Stock Exchange, it said.

Shares of Tata Steel closed 0.12% lower at Rs 126.10 apiece as compared with a 0.14% rise in the benchmark BSE Sensex on Wednesday.