The Kolkata bench of the National Company Law Tribunal (NCLT) approved Tata Steel Mining’s Rs 780-crore resolution plan for bankrupt ferroalloy company Rohit Ferro-Tech on Thursday under the Insolvency and Bankruptcy Code.
The Resolution Applicant, Tata Steel Mining Limited (“TSML”), formerly known as TS Alloys Limited, a public unlisted company, is a wholly owned subsidiary of Tata Steel Limited (“TSL”), and as a part of the corporate level restructuring and consolidation plan for TSL’s diversified portfolio of group companies, TSML has been identified to be the
company to hold the mining cluster.
After the proposal is implemented, the company’s shares will be delisted from the stock exchange at a zero exit price for equity shareholders.
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Source :- BSE India