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Date
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Announcement
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24-Mar-2023
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Tata Steel has acquired 4,65,116 equity shares of Rs 10/- each at a premium of Rs 205/- per share of Tata Steel Utilities and Infrastructure Services (TSUISL), a wholly owned subsidiary of the Company,
on Rights basis, for an amount aggregating to approximately Rs 10 crore. Consequent to the completion of the Transaction, TSUISL continues
to be a wholly owned subsidiary of the Company.
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18-Mar-2023
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Tata Steel has approved the conversion of 31,658 partly paid-up equity shares into fully paid-up shares of the Company. The partly paid-up shares were of face value Rs10 each (Rs 2.504 paid-up) on which the first and final call money of Rs 461 per share (comprising face value of Rs 7.496 per share and securities premium of Rs 453.504 per share) has been received.
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17-Mar-2023
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Tata Steel has on 16 March 2023, acquired 1,55,34,738 equity shares of Rs 10/- each at an issue price of Rs 12.81 per share (including a premium
of Rs 2.81 per share), of Tata Steel Advanced Materials (TSAML), a wholly owned subsidiary of the Company, for an amount aggregating to approximately Rs 19.90 crore (hereinafter referred to as the ‘Transaction'). On completion of the above acquisition, TSAML will continue to be a wholly owned subsidiary of Tata Steel.
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02-Mar-2023
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Tata Steel has on 01 March 2023, acquired 7,40,00,000 - 12.17% (effective yield) Non-cumulative, Non-convertible, Non-participating, Redeemable Preference Shares (NCRPS) of face value Rs 10/- each of
TRF, a listed associate company of Tata Steel, aggregating to Rs 74 crore
(NCRPS Series - 2), on private placement basis.
This capital infusion is to assist TRF in meeting its additional working capital requirements, repayment/prepayment of the whole or a part of the existing indebtedness of TRF (including to financial or
operational creditors) and/or for other general corporate purposes.
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27-Feb-2023
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Tata Steel has allotted 215,000 - 8.03% fixed rate, unsecured, redeemable, rated, listed, NCDs having face value of Rs 1 lakh each, for cash, aggregating Rs 2150 crore for a tenor of 5 years on private placement basis on 27 February 2023.
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23-Feb-2023
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Tata Steel has, on 21 February 2023, acquired 4,68,75,000 equity shares of Rs 10/- each at a premium of Rs 54/- per share, of Neelachal Ispat Nigam (NINL), an unlisted indirect subsidiary of the Company, for an
amount aggregating to Rs 300 crore being Tranche 1 of the investment in the equity shares of NINL.
The proposed funding will be utilized towards the working capital and capex requirement of NINL including start-up of iron and steel plant at
Kalinganagar, repayment/prepayment of liabilities and for other general corporate purposes.
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16-Feb-2023
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Tata Steel will hold a meeting of the Board of Directors of the Company on 20 February 2023.
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02-Feb-2023
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Tata Steel has acquired 26,97,674 equity shares of Rs 10 each at a premium of Rs 205 per share, of Tata Steel Utilities and Infrastructure Services (TSUISL), a wholly-owned subsidiary of the Company,
on Rights basis, for an amount aggregating to Rs 58 crore (hereinafter referred to as the ‘Transaction'). Upon completion of the Transaction, TSUISL continues to be a wholly-owned subsidiary of the Company.
These funds shall be utilized by TSUISL to invest in its step-down subsidiary,Tata Steel Special Economic Zone (TSSEZ) to assist TSSEZ in partial repayment of its existing loans.
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14-Jan-2023
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In December 2022, the British Steel Pension Scheme (BSPS) Trustee, has transacted a third buy-in policy with Legal & General, under which around 30% of liabilities (~£2 billion) were insured, bringing the total insured to around 60%. The buy-in insurance policies purchased using existing assets of the scheme, are held as long-term investments of the Scheme and have the advantage of perfectly matching a proportion of the liabilities, thereby de-risking the scheme from potential future mismatch between asset and liability values with changes in market variables. As of 30 September 2022, the BSPS represented a net surplus in the Tata Steel balance sheet of ~£1.5 billion. During the period of unprecedented interest rate volatility in the UK in September-October 2022, the BSPS funding level actually improved, and it had sufficient collateral to maintain its interest rate and inflation hedges. Overall, the scheme continues to have a healthy surplus and its risk position has improved since its restructuring in 2018, and quarter-on-quarter.
The BSPS Trustee previously entered into buy-in policies with Legal & General in November 2021 and May 2022 to insure 5% and 25% of liabilities respectively (totaling about ~£2.8 billion). Tata Steel UK is fully supportive of the Trustee having secured insurance cover of the scheme's liabilities and expects that a residual buy-in for the remaining ~40% of liabilities will be completed in the first half of calendar 2023, depending on market conditions. With full insurance buy-in completed, the scheme and in turn Tata Steel UK will be fully covered against any funding shortfalls arising from changes in underlying conditions or market variables in future.
With each buy-in, a portion of the accounting surplus has been “utilized” to secure insurance for the scheme. In addition, changes in interest rates (along with changes in credit spreads and other actuarial assumptions) also results in changes in the discounted present value of assets and liabilities. Accordingly, in line with previous quarters, there will be a non-cash deferred tax charge in the profit and loss related to the reduction in the pensions surplus (which is recorded under other comprehensive income). Tata Steel expect the same accounting treatment for the residual buy in transaction for the scheme liabilities.
The BSPS is an independent fund with a team managed by its own board of Trustees, separate from Tata Steel UK. Earlier in 2022, the Trustee appointed Legal & General Investment Management (LGIM) to manage the combined assets of the Scheme, bringing additional skills and expertise as the scheme approaches full buy-in.
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13-Jan-2023
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Tata Steel will hold a meeting of the Board of Directors of the Company on 6 February 2023.
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