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Tata Steel to consider proposal to split equity shares on May 3

Published 04/17/2022, 10:56 AM
Updated 04/17/2022, 11:05 AM
© Reuters. Tata Steel steelworks are seen on the South Wales coastline, Port Talbot, Britain, February 24, 2021.  Picture taken February 24, 2021.  REUTERS/Peter Cziborra

NEW DELHI (Reuters) - The board of Tata Steel Ltd will on May 3 consider a proposal to split the stock and also recommend a dividend, the Indian steel maker said in a statement on Sunday.

Without specifying the ratio of the stock split, it said the meeting on May 3 would consider a sub-division of the shares with a nominal value of 10 Indian rupees each.

The split would be subject to regulatory and statutory approvals.

© Reuters. A man walks past a screen displaying Tata Steel logo before the start of a news conference in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui/Files

On May 3, the company will also announce results for the quarter ended March 31, the company said.

Tata Steel closed at 1,319.5 rupees a share on Wednesday. Indian equity markets were closed on Thursday and Friday.

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