Tata Steel reported a consolidated net loss of Rs 6,511 crore in the second quarter of 2023-24 as the company was hit by impairment charges and shrinking margins in its operations in Europe.
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.
“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.”