Kalimati Investment merged into Tata Steel

NEW DELHI: Tata Steel today said Kalimati Investment Company Ltd ( KICL) will be amalgamated into it with retrospective effect from January 1, 2013.

"...the Committee of Directors of the company and the Board of Directors of KICL have at their respective meetings held on April 10, 2013, approved amalgamation of KICL with the company with effect from January 1, 2013," the company said in a filing to the Bombay Stock Exchange.

The amalgamation is subject to and condition upon requisite approvals and orders under Companies Act, 1956, it said.

It added that in terms of the scheme, KICL will be merged with the company, "followed by the dissolution without winding up of KICL".

Tata Steel said since it is the sole shareholder of the KICL, the shares of the company in KICL will stand cancelled as a result of the amalgamation.

"No shares of the company will be issued in terms of the scheme," it added.

Shares of Tata Steel closed at Rs 305.55 apiece on BSE, up 0.36 per cent from the previous close.