Tata Motors Limited has provided an update on the ongoing Scheme of Arrangement concerning its ‘A’ Ordinary Shares. The scheme, approved by the National Company Law Tribunal, involves the cancellation of these shares and distribution to shareholders.
As part of this scheme, TML Securities Trust sold 1,14,97,462 New Ordinary Shares (NOS) on the stock exchanges. This sale was made to manage the distribution of fractional share entitlements and cover tax liabilities.
Axis Trustee Services Limited, the Independent Trustee, informed Tata Motors about the sale. Now, the process of distributing cash proceeds from the sale to eligible ‘A’ Ordinary Shareholders will begin. Additionally, shareholders will receive credit for the remaining NOS in their respective demat accounts.
Tata Motors will notify the shareholders and stock exchanges once the cash distributions and NOS credits are completed.
