The board of directors of Tata Steel BSL Limited has approved the merger of the company with Tata Steel Limited. The merger of the company is as per sanction of India's National Company Law Tribunal. Tata Steel BSL informed BSE “Taken on record the Order dated October 29, 2021, of the Hon'ble NCLT Mumbai sanctioning the Scheme of Amalgamation. It approved November 16 2021 as the Record Date for the purpose of determining the shareholders of Tata Steel BSL Limited who shall be entitled to receive fully paid-up equity shares of Tata Steel Limited in the share exchange ratio as per the Scheme of Amalgamation. Tata Steel will issue and allot to those shareholders of the Company whose names would appear in the Register of Members on the Record Date, 1 fully paid-up equity share of INR 10 each of Tata Steel, for every 15 equity shares of the face value of INR 2 each held by such member in the Company.”Tata Steel BSL Limited is India's fifth-largest steel producer with an installed capacity of 5.6 million tonnes per year. In 2018, Tata Steel Limited acquired Bhushan Steel Limited through the bankruptcy resolution process and renamed the company Tata Steel BSL Limited.Tata Steel BSL Limited recently reported net sales of INR 8,308.72 crore in July-September 2021 up 50.54% from INR 5,519.40 crore in July-September 2020. Quarterly Net Profit at INR 1,809.59 crore in Q2 of 2021 up 451.57% from INR 328.08 crore in September 2020. EBITDA stands at INR 2,427.14 crore in September 2021 up 112.97% from INR 1,139.65 crore in Q2 of 2020-21.
The board of directors of Tata Steel BSL Limited has approved the merger of the company with Tata Steel Limited. The merger of the company is as per sanction of India's National Company Law Tribunal. Tata Steel BSL informed BSE “Taken on record the Order dated October 29, 2021, of the Hon'ble NCLT Mumbai sanctioning the Scheme of Amalgamation. It approved November 16 2021 as the Record Date for the purpose of determining the shareholders of Tata Steel BSL Limited who shall be entitled to receive fully paid-up equity shares of Tata Steel Limited in the share exchange ratio as per the Scheme of Amalgamation. Tata Steel will issue and allot to those shareholders of the Company whose names would appear in the Register of Members on the Record Date, 1 fully paid-up equity share of INR 10 each of Tata Steel, for every 15 equity shares of the face value of INR 2 each held by such member in the Company.”Tata Steel BSL Limited is India's fifth-largest steel producer with an installed capacity of 5.6 million tonnes per year. In 2018, Tata Steel Limited acquired Bhushan Steel Limited through the bankruptcy resolution process and renamed the company Tata Steel BSL Limited.Tata Steel BSL Limited recently reported net sales of INR 8,308.72 crore in July-September 2021 up 50.54% from INR 5,519.40 crore in July-September 2020. Quarterly Net Profit at INR 1,809.59 crore in Q2 of 2021 up 451.57% from INR 328.08 crore in September 2020. EBITDA stands at INR 2,427.14 crore in September 2021 up 112.97% from INR 1,139.65 crore in Q2 of 2020-21.