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Tata Steel Limited acquired 4,68,75,000 equity shares of Neelachal Ispat Nigam Limited (NINL), an unlisted indirect subsidiary, on February 21, 2023. The acquisition was for shares priced at ₹10/- each plus a ₹54/- premium per share, aggregating to ₹300 crore. This transaction constitutes Tranche 1 of the investment in NINL's equity shares.
| Date | 22 Feb 2023 |
| Time | 16:36:25 |
| Category | Acquisitions and alliances |
| ID | 7554Q |
February 22, 2023
London Stock Exchange
London
Dear Sir(s), Madam,
Subject: Acquisition of equity stake in Neelachal Ispat Nigam Limited, indirect subsidiary of the Company
We wish to inform you that, Tata Steel Limited ('Company') has, on February 21, 2023, acquired 4,68,75,000 equity shares of ₹10/- each at a premium of ₹54/- per share, of Neelachal Ispat Nigam Limited ('NINL'), an unlisted indirect subsidiary of the Company, for an amount aggregating to ₹300 crore (hereinafter referred to as the 'Transaction'), being Tranche 1 of the investment in the equity shares of NINL.
The relevant details of the transaction are enclosed in Annexure I.
http://www.rns-pdf.londonstockexchange.com/rns/7554Q_1-2023-2-22.pdf
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.