Sale of equity shares in NatSteel Vina Co Ltd
Source: RNSNovember 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.
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