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Tata Steel approves allotment of 8.65 crore shar

Tata Steel approves allotment of 8.65 crore shares to eligible shareholders of TCIL Tata Steel on Sunday announced that the board of the company has approved the allotment of 8.65 crore shares to eligible shareholders of Tinplate Company of India as of the record date of 19 January. The approval comes days after the merger between Tata Steel and Tinplate Company of India became operative on 15 January. In a regulatory filing, Tata Steel said that the eligible shareholders of Tinplate Company of India will receive fully paid-up equity shares of Tata Steel in the share exchange ratio of 33:10. It means 33 fully paid-up ordinary equity shares of Tata Steel with a face value of ₹1 each to be allotted for every 10 fully paid-up equity shares of TCIL of face value ₹10 each, the company said. ©SHIRSENDU KARMAKAR #Tata_Steel #TCIL
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