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The merger of Tata Motors Finance with Tata Capital has been approved by their respective boards of directors. Tata Motors Finance Limited is a wholly owned subsidiary of Tata Motors Limited. The company said in a notice that its board of directors has approved the merger of Tata Motors Finance Limited with Tata Capital Limited.
New Delhi. The merger of Tata Motors Finance with Tata Capital has been approved by their respective boards of directors. Tata Motors Finance Limited is a wholly owned subsidiary of Tata Motors Limited. The vehicle company said in a notice to the stock exchange that its board of directors has approved the merger of Tata Motors Finance Limited with Tata Capital Limited. The notice said, “The boards of directors of Tata Motors Limited (TML), Tata Capital Limited (TCL) and Tata Motors Finance Limited (TMFL) have today approved the merger of TMFL with TCL through the NCLT Arrangement Scheme.
Under the merger, TCL will issue its equity shares to TMFL shareholders, resulting in Tata Motors effectively holding a 4.7 per cent stake in the merged entity. It said the transaction is in line with the automaker’s stated objective of exiting non-core businesses and focusing its capital expenditure on emerging technologies and products. Tata Motors said the plan will depend on the approval of SEBI, Reserve Bank, NCLT and all shareholders and lenders of TCL and TMFL and will take nine to 12 months to complete.
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