Brief by Shorts91 Newsdesk / 05:47am on 23 Dec 2023,Saturday Business
Tata Steel plans a shareholders' meet on Jan 25, considering the merger of its subsidiary, Indian Steel and Wire Products. The National Company Law Tribunal's directive prompts this move, aiming to seek approval for the proposed scheme. The meeting, conducted via video conferencing, aligns with NCLT guidelines. Tata Steel, closing 1.91% higher at ₹133.50 per share on Friday, had earlier approved merging multiple subsidiaries, anticipating benefits like enhanced shareholder value and operational efficiency. CEO TV Narendran aims to complete the merger, involving seven subsidiaries, in the current financial year, contingent on regulatory clearances.
