Tata Metaliks shines bright

Tata Metaliks Ltd (TML) is in focus today morning, The stock which closed yesterday at Rs.45.10, opened today at Rs.47.50 and went on to hit an intra day high at Rs.48.50 and it currently remains firmly in the green, up 4%. Volumes are massive at almost 1.5 lakh shares changing hands this morning.

The stock is up after the company announced that it will be merging into Tata Steel ltd (TSL), along with another subsidiary,Tata Metaliks Kubota Pipes through a scheme of amalgamation. 

As per the terms, the shares held by TSL in TML shall get extinguished and the public shareholders of TML shall be issued shares of TSL in the ratio of 4 equity shares of Rs. 10/- each of TSL for every 29 equity shares of Rs. 10/- each of TML in terms of the Scheme.