REG - Tata Steel Limited - Outcome of Board Meeting of Tata Steel Limited

TATA SteelAnnouncement

12/05/2025 16:30

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RNS Number : 3244I  Tata Steel Limited  12 May 2025

 

 

 

May 12, 2025

 

London Stock Exchange

London

 

Dear Madam, Sirs,

Sub: Outcome of Board meeting

 

The Board of Directors ('Board') of Tata Steel Limited ('Company') at its
meeting held today, i.e., May 12, 2025, inter alia, transacted the following
business:

 

1.   Financial Results

 

(a)  Considered and approved the audited Standalone and unaudited
Consolidated Financial Statements and Results of the Company for the quarter
ended March 31, 2025.

 

(b)  Considered and approved the audited Standalone and Consolidated
Financial Statements and Results of the Company for the financial year ended
March 31, 2025.

 

The financial information as required to be provided in terms of Regulation 52
of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') forms
part of the Financial Results.

 

Price Waterhouse & Co. Chartered Accountants LLP, the Statutory Auditors
of the Company have issued the Auditors' Report(s) with an unmodified opinion
on the Financial Results and Statements of the Company for the financial year
ended March 31, 2025. Further, there are no opinions/adverse remarks provided
by the statutory auditors in their Audit Report(s) which have bearing on the
interest payment / principal repayment capacity of the Company.

 

A copy of the said Financial Results together with the Statutory Auditors'
Report for the financial year ended March 31, 2025, are enclosed herewith as
Annexure 1.

 

These are also being made available on the website of the Company at
www.tatasteel.com (http://www.tatasteel.com) .

 

2.   Change of Accounting Policy

 

During the quarter ended March 31, 2025, the Company has voluntarily changed
its accounting policy in keeping with the provisions of Ind AS 8 on
"Accounting Policies, Changes in Accounting Estimates and Errors" to measure
its equity investments in subsidiaries in the standalone financial
results/statements from cost less impairment as per Ind AS 27 on "Separate
Financial Statements" to fair value through other comprehensive income as per
Ind AS 109 on "Financial instruments" with retrospective effect.

 

In the standalone financial results/statements, investments in subsidiaries
are now classified as "Fair Value through Other Comprehensive Income (FVTOCI)"
with changes in fair value of such investments being recognized through "Other
Comprehensive Income (OCI)" as on each reporting date.

 

The Company's Management believes that this change in accounting policy
provides reliable and more relevant information about the effects of
transactions, other events or conditions on the entity's financial position
and financial performance to the users of financial results/statements.

 

Further details on the rationale and impact of change in accounting policy on
the financial statements/results of the Company for quarter and year ended
March 31, 2025 are provided in notes 6 and 7 forming part of the Financial
Results for the quarter and year ended

March 31, 2025 enclosed as Annexure 1.

 

3.   Dividend and 118(th) Annual General Meeting

 

Recommended a dividend of ₹3.60 per Ordinary (Equity) Share of face value
₹1/- each (360%) to the shareholders of the Company for FY2024-25.

 

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 scheduled to be held on Wednesday, July 2, 2025.

 

The dividend, if approved by the shareholders at the AGM, will be paid,
subject to deduction of applicable tax at source, within five days from the
date of the AGM.

 

4.   Record Date

 

Pursuant to Regulation 42 of the SEBI Listing Regulations, the Board of the
Company has fixed Friday, June 6, 2025 as the Record Date for determining the
Members entitled to receive the dividend for the FY2024-25.

 

5.   Appointment of Secretarial Auditor

 

Based on the recommendation of the Audit Committee, the Board of the Company
approved the appointment of M/s. Parikh & Associates, Practicing Company
Secretaries, having Firm Registration No. P1988MH009800 as the Secretarial
Auditors of the Company for a period of five years to hold office from the
conclusion of the ensuing AGM to be held on July 2, 2025 till the conclusion
of the 123(rd) AGM of the Company to be held in the year 2030, to conduct
secretarial audit of the Company for the FY 2025-26 through FY 2029-30,
subject to the approval of the shareholders of the Company at the ensuing AGM.
Brief details about their appointment are enclosed as Annexure 2.

 

6.   Investment in T Steel Holdings Pte. Ltd

 

Approved the proposal, inter alia under the foreign exchange regulations, to
infuse funds up to USD 2.5 Billion (~₹21,410.95 crore), by way of
subscription to equity shares of T Steel Holdings Pte. Ltd ('TSHP'), wholly
owned foreign subsidiary of the Company, in one or more tranches, during
FY2025-26. Brief details on the proposed fund infusion is enclosed as Annexure
3.

 

The Board meeting commenced at 2.00 p.m. (IST) and concluded at 5:00 p.m.
(IST).

 

Further, please find enclosed herewith the Press Release and Investor
Presentation to be made to Analysts/ Investors of Tata Steel Limited.

 

These disclosures are being made pursuant to Regulation 24A, 30, 33, 52 read
with Schedule III and other applicable provisions of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended along with applicable SEBI Circulars notified in
this regard.

 

This is for your information and records.

 

Encl.: As above.

http://www.rns-pdf.londonstockexchange.com/rns/3244I_1-2025-5-12.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3244I_1-2025-5-12.pdf)

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