RNS Number : 2087S
Tata Steel Limited
04 November 2019
 

                                                                                                                 November 4, 2019

 

London Stock Exchange

London

 

Dear Madams, Sirs,

 

Sub: Sale of equity shares in NatSteel Vina Co Ltd (NSV)

 

This is to inform you that Tata Steel's step-down subsidiary NatSteel Holdings Pte. Ltd. (NSH) has executed definitive agreements with a Vietnam based company Thai Hung Trading Joint Stock Company to divest its entire equity stake held in NatSteel Vina Co. Ltd. (NSV) (56.5%). NSH is a wholly owned subsidiary (WOS) of TS Global Holdings Pte. Ltd.(TSGH) which in turn is a WOS of T. Steel Holdings Pte. Ltd which in turn is a WOS of Tata Steel Limited.

 

The details of divestment are as follows:

 

SN.

Particulars

Details

1

The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during last Financial Year

Revenue for FY19:

NSV: ₹453 crore (0.29%)

 

Net Worth as at March 31, 2019:

NSV: ₹65 crore (0.09%)

2

Date on which the agreement for sale has been entered into

November 4, 2019

3

The expected date of completion of sale / disposal

2 weeks

4

Consideration received from such sale / disposal

~ SGD 7 million (~ ₹36 crore) for sale of 56.5% stake held by NSH in NSV

5

Brief details of buyers and whether any of the buyers belong to the Promoter / Promoter Group/ Group Companies. If yes, details thereof;

The buyer is a Vietnam based company Thai Hung Trading Joint Stock Company having its head office at Group 14, Gia Sang, Thai Nguyen City, Thai Nguyen Province, Vietnam.

Thai Hung is a multidisciplinary-operated company, specializing in 3 main business:

1.   Production: Produce steel billets, steel formwork, forest products processing, construction;

2.   Business: construction steel, steel billets, metal scrap, cultural books, forest products;

3.   Investment: Education, real estate

Buyer does not belong to the Promoter / Promoter Group/ Group Companies.

6

Whether the transaction would fall within Related Party Transaction? If yes, whether the same is done at "arms length"

No

7

Additionally, in case of a slump sale, indicative disclosures provided for amalgamations / merger, shall be disclosed by the listed entity with respect to such slump sale.

Not Applicable

 

 

This disclosure is being made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

 

This is for your information and records.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
DISLLFSELILSIIA