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LONDON - Tata Steel (NSE:TISC) Advanced Materials Limited (TSAML), a wholly owned subsidiary of Tata Steel Limited, has divested its entire stake in Ceramat Private Limited (CPL), according to a press release statement issued Monday.
The transaction, approved by TSAML’s Board of Directors on Monday, involves selling the company’s 90% equity stake and 100% preference stake in CPL to Lionstead Applied Materials (NASDAQ:AMAT) Private Limited, a wholly owned subsidiary of Lionstead Ventures LLP.
Following this divestment, TSAML no longer holds any securities in CPL, and consequently, CPL has ceased to be a subsidiary of Tata Steel Limited.
The companies have executed a Share Purchase Agreement to formalize the transaction, which also involves other shareholders of CPL.
The announcement was made in compliance with Regulations 30 and 51 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations.
Tata Steel Limited disclosed the transaction to the London Stock Exchange (LON:LSEG) where its shares are listed. Financial details and strategic rationale for the divestment were not provided in the announcement.
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