Wednesday, Apr 23, 2003
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Tata Steel and Tata SSL have filed certified copies of the High Court's April 3 order giving its approval for the amalgamation with the Registrar of Companies, Maharashtra, the Tata group company informed the Bombay Stock Exchange here. As per the scheme, the shareholders of TSSL would get one ordinary share of Tata Steel for every five equity shares of TSSL held by them. The company would consolidate all fractional entitlements and sell the equity shares issued in lieu thereof in the market at the best available price and the sale proceeds would be distributed to the shareholders of TSSL in proportion to their fractional entitlements. The ordinary shares of Tata Steel issued and allotted to TSSL shareholders will rank pari passu in all respects with the existing ones and be eligible for dividend for financial year ended on March 31, 2003, if any, declared by the company. PTI
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