Tata Steel Limited - Outcome of Board Meeting

April 24, 2020

London Stock Exchange

London

Dear Madam, Sir,

Re: Outcome of Board Meeting

The Board of Directors of Tata Steel Limited ('the Board") at its meeting held today, i.e.April 24, 2020, inter alia, reviewed the financing plan of the Company and based on the review, approved issue of additional debt securities up to ₹5,000 crore in the form of Non-Convertible Debentures ('NCDs') on private placement basis in one or more tranches ('Issue'). The funds from the Issue will be primarily deployed towards repayment of debt and general corporate purposes.

Further, the Board also authorized a Committee of Directors to determine and approve the quantum, timing and terms & conditions of the NCDs.

The above Issue is in addition to the limit of debt securities up to ₹12,000 crore, approved by the Board earlier, at its meeting held on August 13, 2018.

The Board meeting commenced at 2.30 p.m. (IST) and concluded at 7.10 p.m. (IST)

This is for your information and records.