Tata Steel bounces back with Rs 833 crore net profit in Q2
The company’s revenue from operations in the quarter fell 3 per cent year-on-year to Rs 53,905 crore.
Tata Steel’s board has approved the amalgamation of seven subsidiaries with itself, the steelmaker said in a regulatory filing to the stock exchanges on Friday.
The nod was received on Thursday at a meeting of its Board members. These seven companies are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining, and S and T Mining Company, the same filing said.
Each scheme was reviewed and recommended to the Board by the Committee of Independent Directors and the audit committee of the company, it added.
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“Each Scheme is subject to the receipt of approval from the (a) requisite majority of the shareholders of the respective Transferor Companies and Transferee Company; (b) Competent Authority (as defined in each of the Schemes),
(c) SEBI (d) The National Stock Exchange of India Limited and the BSE Limited (hereinafter collectively referred to as “Stock Exchanges”); and (e) such other approvals, permissions and sanctions of regulatory and other statutory or governmental authorities / quasi-judicial authorities, as may be necessary as per applicable laws.”
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