The Board of Tata Steel have considered and approved a merger of Bamnipal Steel and Tata Steel BSL (formerly Bhushan Steel) into the Company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of 10/- each fully paid up of the Company for every 15 equity shares of each fully paid up held by the public shareholders of Tata Steel BSL. As part of the scheme, the equity shares held by Bamnipal Steel and the preference shares held by the Company in Tata Steel BSL shall stand cancelled. The equity shares held by the Company in Bamnipal Steel shall also stand cancelled. The merger is subject to shareholders and other regulatory approvals.