Outcome of Board Meeting

April 25, 2019

London Stock Exchange,

London

Dear Madam, Sir(s),

Re: Outcome of the Board Meeting

The Board of Directors at the meeting held today, i.e. April 25, 2019, inter alia, transacted the following business:

1. Financial Results

a) Approved the Audited Standalone and Unaudited Consolidated Financial Results of the Company for the quarter ended March 31, 2019.

b) Approved the Audited Standalone and Consolidated Financial Results of the Company for the financial year ended March 31, 2019.

Price Waterhouse & Co Chartered Accountants LLP, the Statutory Auditors of the Company have issued auditors' reports with an unmodified opinion on the Financial Results of the Company for the Financial Year ended March 31, 2019.

2. Dividend and 112th Annual General Meeting

Recommended a dividend of Rs. 13/- per Ordinary Share of Rs. 10/- each and Rs. 3.25p per partly paid Ordinary Share of Rs. 10/- each (paid-up Rs. 2.504 per share) to the shareholders of the Company for the Financial Year ended March 31, 2019. The dividend recommended by the Board of Directors of the Company is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company to be held on Friday, July 19, 2019.

The dividend, if approved by the shareholders at the AGM, will be paid on and fromTuesday, July 23, 2019.

3. Book Closure

Approved closure of the Register of Members and Share Transfer Books of the Company from Saturday, July 6, 2019 to Friday, July 19, 2019 (both days inclusive) for the purpose of AGM and payment of Dividend.

4. Composite Scheme of Amalgamation

The Board of Directors of the Company have considered and approved a merger of Bamnipal Steel Limited and Tata Steel BSL Limited (formerly Bhushan Steel Limited) into the Company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of ₹10/- each fully paid up of the Company for every 15 equity shares of ₹2/- each fully paid up held by the public shareholders of Tata Steel BSL Limited. As part of the scheme, the equity shares held by Bamnipal Steel Limited and the preference shares held by the Company in Tata Steel BSL Limited shall stand cancelled. The equity shares held by the Company in Bamnipal Steel Limited shall also stand cancelled. The merger is subject to shareholders and other regulatory approvals.

Details in respect of amalgamation of Bamnipal Steel Limited and Tata Steel BSL Limited with Tata Steel Limited are being disclosed separately.

The Board meeting commenced at 2:00 p.m. (IST) and concluded at 6.55 p.m. (IST).  

A copy of the said results together with the Auditors' Report, Press Release and Results Presentation for financial quarter and year ended March 31, 2019 are enclosed herewith. These are also being made available on the website of the Company at www.tatasteel.com.

This is for your information and record.

Encl: As above

http://www.rns-pdf.londonstockexchange.com/rns/1473X_1-2019-4-25.pdf