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Tata Steel BSL has fixed 16 November 2021 as the record date for he purpose of determining the shareholders of Tata Steel BSL who shall be entitled to receive fully paid-up equity shares of Tata Steel in the share exchange ratio as per the Scheme of Amalgamation.

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The Board of Tata Steel BSL at its meeting held on 02 November 2021 has taken on record the order dated 29 October 2021 of the Hon'ble National Company Law Tribunal, Mumbai sanctioning the scheme of amalgamation of Bamnipal Steel and Tata Steel BSL into and with Tata Steel.

In accordance with the Scheme of Amalgamation, Tata Steel will issue and allot to those shareholders of the Company whose names would appear in the Register of Members on the Record Date, 1 (one) fully paid-up equity share of Rs 10/- (Rupees Ten) each of Tata Steel, for every 15 (fifteen) equity shares of the face value of Rs 2/- (Rupees Two) each held by such member in the Company.

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Total revenue from operations during the quarter increased by 50.5% YoY to Rs 8,308.72 crore.

Total expenses rose by 24.8% to Rs 6,492.97 crore in Q2 FY22 from Rs 5,203.33 crore in Q2 FY21.

Profit before tax in the second quarter stood at Rs 1,836.71 crore, which is significantly higher as compared with a pre-tax profit Rs 342.02 crore recorded in same period last year.

Tata Steel BSL, a subsidiary of Tata Steel is the largest manufacturer of auto-grade steel in India.

The scrip advanced 0.17% to currently trade at Rs 89.65 on the BSE.

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Net profit of Tata Steel BSL rose 437.60% to Rs 1837.03 crore in the quarter ended September 2021 as against Rs 341.71 crore during the previous quarter ended September 2020. Sales rose 50.02% to Rs 7781.74 crore in the quarter ended September 2021 as against Rs 5187.30 crore during the previous quarter ended September 2020.

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