Tata Steel Long Products Ltd. said that the company's shares will be suspended for trading with effect from Nov. 17 on the National Stock Exchange on account of the merger with Tata Steel Ltd.
"Members of the exchange are hereby informed that the trading in equity shares of Tata Steel Long Products shall be suspended w.e.f. Nov. 17, 2023, on account of Scheme of Amalgamation," the company notified on the NSE.
Tata Steel Long Products on Oct. 16 said that the National Company Law Tribunal approved the amalgamation of the company with Tata Steel Ltd.
Along with Tata Steel Long Products, Tata Steel will merge six other entities, i.e., The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Co.
The board of Tata Steel in September 2022 approved the merger of seven of its subsidiaries with itself, in a move that will simplify the structure of the steelmaker and achieve better facility utilisation.
The Tata Steel merger is aimed at better operational integration and facility utilisation, as well as a simplified structure for greater efficiency, faster execution and rationalisation of logistics cost, it said in its earlier filings.
Shares of Tata Steel Long Products closed 0.26% higher at Rs 796.50 apiece, as compared with a 0.25% decline in the benchmark NSE Nifty 50.
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