Mumbai (Maharashtra) [India], September 23 (ANI): The share price of Tata Steel rallied while subsidiaries slumped by upto 9 per cent on Friday after the company's board approved the amalgamation of seven group companies.

On the BSE, Tata Steel share was trading at 1.30 per cent higher at Rs 105. The scrip surged to a high of Rs 107.90 in the intra-day.

Out of the seven Tata Group companies that would get merged with Tata Steel, four are listed. All these four companies were trading with heavy losses.

Tata Steel Long Products Limited slumped 8.73 per cent to Rs 683.50. The scrip hit a low of Rs 679.65 in the intra-day.

TRF Limited slumped 5 per cent to Rs 355.65. This is the lower price band of the company.

Tinplate crashed by over 6 per cent while Tata Metaliks slumped by around 3 per cent.

The Board of Directors of Tata Steel at its meeting held on September 22, 2022 approved seven schemes of amalgamation.

Amalgamation schemes include Tata Steel Long Products Limited ('TSLP-Transferor Company') into and with its parent company, Tata Steel Limited ('Transferee Company').

The Tinplate Company of India Limited ('TCIL-Transferor Company') into and with its parent company, Tata Steel Limited ('Transferee Company'). Tata Metaliks Limited ('TML-Transferor Company') into and with its parent company, Tata Steel Limited ('Transferee Company').

TRF Limited ('TRF-Transferor Company') into and with Tata Steel Limited ('Transferee Company'). The Indian SteelWire Products Limited ('ISWP-Transferor Company') into and with its parent company, Tata Steel Limited ('Transferee Company'). Tata Steel Mining Limited ('TSML-Transferor Company') into and with its parent company, Tata Steel Limited ('Transferee Company'); and ST Mining Company Limited ('ST Mining-Transferor Company') into and with its parent company, Tata Steel Limited ('Transferee Company').

Each Scheme is subject to the receipt of approval from the (a) requisite majority of the shareholders of the respective Transferor Companies and Transferee Company; (b) Competent Authority (as defined in each of the Schemes), (c) SEBI (d) The National Stock Exchange of India Limited and the BSE Limited (hereinafter collectively referred to as "Stock Exchanges"); and (e) such other approvals, permissions and sanctions of regulatory and other statutory or governmental authorities / quasi-judicial authorities, as may be necessary as per applicable laws, Tata Steel said in a statement. (ANI)