Bhushan to merge with Tata Steel
Tata Steel has proposed to merge Tata Steel BSL (formerly Bhushan Steel) with itself, less than a year after acquiring the company through a bankruptcy process.
Shareholders of Tata Steel BSL will get one share of TSL for every 15 shares held in the company. The management of TSL said the merger would drive operational synergies and efficiencies, reduce regulatory burden and simplify the group structure.
TSL holds 72.65 per cent stake in Tata Steel BSL. Even though the announcement came after market hours the scrip of TSL and Tata Steel BSL ended on divergent notes.