Outcome of the meeting of ECOB of Tata Steel

March 14, 2018

Dear Sir, Madam,

Sub: Outcome of the meeting of the Executive Committee of the Board (the "Committee") of Tata Steel Limited (the "Company") held on March 14, 2018

This is further to the meeting of the Board of Directors of the Company held on December 18 and 19, 2017 approving the issuance of equity and equity linked instruments of the Company including Ordinary Shares of face value Rs. 10 each ("Ordinary Shares") by way of a Rights Issue ("Issue") to the existing shareholders of the Company as on the record date for an amount not exceeding Rs.12,800 crore in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and approval of the terms of the Issue by the Committee at its meeting held onJanuary 19, 2018.

In relation to the above Issue and pursuant to the finalization of basis of allotment of the Issue in consultation with BSE Limited, the Committee at its meeting held today i.e.March 14, 2018, considered and approved, amongst others, the following:

1. Allotment of 15,52,68,926 fully paid-up Ordinary Shares ("Fully Paid Shares") at an issue price of Rs. 510 per Fully Paid Share, and

2. Allotment of 7,76,34,625 partly paid-up Ordinary Shares ("Partly Paid Shares") at an issue price of Rs. 615 per Partly Paid Share (of which Rs. 154 per Partly Paid Share has been paid-up on application).

The disclosure is made in compliance with Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This is for your information and records.